Edotco picks up $100m
Posted on 20 April, 2017 by Chris Winters, reporter
The investment from Malaysia’s retirement fund will help the telecoms infrastructure company continue with its expansion plans.
Kumpulan Wang Persaraan (KWAP), the Malaysian retirement fund, has invested $100m in Edotco, a Malaysia-based telecom infrastructure company, Digital News Asia reported on Wednesday.
The investment gives KWAP a 5.4% stake in the company. Axiata, a Malaysia-based telecoms conglomerate, retains control of Edotco with a 62.4% stake.
Public-private partnership Innovation Network Corporation of Japan (INCJ), currently holds a 21.5% stake and Khazanah Nasional, the sovereign wealth fund of Malaysia, owns 10.7%. INCJ and Khazanah Nasional supplied a total of $600m in December 2016.
Established in 2012, Edotco is a telecommunications infrastructure company that owns more than 17,000 mobile telecoms towers across Malaysia, Sri Lanka, Bangladesh, Cambodia, Pakistan and Myanmar.
The funding will go towards paring down Edotco’s debts of Mr22.3bn ($5bn) and support the company’s expansion plans, including any potential acquisition opportunities.
Suresh Sidhu, chief executive of Edotco, said: “The upsize of $100m and the structure of the offering marks another achievement in our maiden private placement exercise.
“Edotco now has the advantage of funding flexibility as well as the balance sheet capacity to continue to grow the business confidently and capitalise on potential acquisition opportunities.”
See more from this Government Report: Malaysia
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