Axiata considers shares sale

08 September 2022

Malaysia's Axiata Group’s tower unit edotco is considering the sale of shares to raise US$600m to support growth plans across the Asia Pacific, according to a report on Bloomberg.

It is understood edotoco appointed an adviser to thrash out the deal. If current shareholders including Axiata take part, the sale could raise around US$1bn.

Edotco manages a regional portfolio of 50,000 towers across Malaysia, Indonesia, Bangladesh, Cambodia, Sri Lanka, Pakistan, Philippines, Myanmar and Laos.

Recently edotco alongside fellow tower company Edgepoint acquired half of the Philippines-based operator PLDT’s tower portfolio (2,973 towers). In 2021 it acquired Malaysian tower company Touch Mindscape for US$404.5m.

Sources told Bloomberg the deal could attract external investment as digital infrastructure assets in Asia has risen in demand.