KUALA LUMPUR: edotco Group Sdn Bhd's plans to acquire 13,000 towers from Pakistan Mobile Communications Ltd have been scuppered as certain regulatory approvals were not received. edotco, the infrastructure business unit of Axiata Group Bhd , said in a statement it had failed to obtain regulatory approval for the change of control of the towers. In August 2017, it was announced that edotco had partnered Dawood Hercules Corp Ltd to acquire the towers via edotco Pakistan unit Tanzanite Tower Pte Ltd for about RM4bil. Under the terms of the collaboration, Dawood Hercules would have acquired a 45% equity stake in edotco Pakistan while the remainder would belong to edotco. edotco CEO Suresh Sidhu said edotco remains committed to Pakistan and would continue to grow its existing business under edotco Pakistan, comprising of the towers acquired by Tanzanite Tower earlier this year.

Source: The Star September 17, 2018 07:00 UTC