KUALA LUMPUR (June 25): Axiata Group Bhd confirmed today that its subsidiary edotco Group Sdn Bhd has been shortlisted to bid for Myanmar telecoms tower player Irrawaddy Green Towers (IGT).
“This is in line with our trajectory for edotco to grow its current base of some 20,000 towers to 50,000,” said Axiata executive director and deputy group chief executive officer Datuk Izzaddin Idris.
“There are many opportunities in the region. So it is not just in Myanmar that we want to focus,” Izzaddin told a press conference, adding that edotco has yet to make inroads into attractive emerging markets in the region such as Thailand and Vietnam.
The Asset, a financial news portal, citing Myanmar newspapers, reported on Tuesday that China's Guodong Group and global private equity firm CVC Capital Partners are the other two companies that have been shortlisted to acquire IGT.
A preferred bidder is expected to be announced next month, The Asset said.
IGT, which is estimated to be worth US$800 million (RM3.42 billion) is owned by Singapore-based Irrawaddy Tower Asset Holding Pte Ltd, whose investors are Dubai-based private equity firm Alcazar Capital and Beirut-based investment holding company M1 Group.
At 4.33pm, shares of Axiata were down seven sen or 2.01% at RM3.41, valuing the group at RM31.17 billion.