edotco, seller agree to end acquisition process for 13,000 tower in Pakistan
Published on: Tuesday, September 18, 2018
Kuala Lumpur: edotco Group Sdn Bhd, a subsidiary of Axiata Group Bhd, Monday announced that it will not be moving forward with the acquisition of 13,000 towers from Pakistan Mobile Communications Limited (PMCL) in Pakistan.The transaction was subject to a number of conditions and terminated due to the non-fulfilment of the conditions precedent to the sales and purchase agreement (SPA) within the stipulated timeframe, in particular regulatory approval for the resulting change of control contemplated under the SPA, Axiata said in a statement on Monday. edotco remains committed to Pakistan and would continue to grow its existing business under edotco Pakistan, comprising today of the towers acquired by Tanzanite Towers carried out earlier this year.
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"We do not foresee this affecting our business goals and aspirations. We are confident in the potential of the growing market in Pakistan and are committed to the existing operations there. "We continue to develop our pipeline of opportunities into Pakistan as well as into other markets in South and South East Asia and are confident we will be able to meet our goals for business growth," edotco Group Chief Executive Officer Suresh Sidhu was quoted as saying in the statement.Stay up-to-date by following Daily Express’s Telegram channel.
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