Axiata Group Bhd's indirect subsidiary, ISOC edotco Towers Inc (edotco Philippines) bought 2,973 telecommunication towers and all assets of PLDT Group Philippines for RM3.42 billion.
It was confirmed by Axiata which has a 63% ownership of edotco Group Sdn Bhd subsidiary that yesterday it had entered into asset purchase agreements for the Smart Communications Inc (SMART) and Digitel Mobile Philippines Inc (DMPI) units owned by PLDT Group.
For the record, SMART and DMPI are the largest telco integration companies in the Philippines owned by PLDT Group.
Its core business is centered on fixed to wireless lines that offer an extensive telecommunications network and digital services across fiber optics in all areas throughout the Philippines.
In today’s Bursa filing, Axiata has confirmed that it now acquires and operates a total of 3,100 towers in the Philippines, making them the largest independent telecommunications tower company in the Philippines.
In a press statement by edotco Group's Chief Executive Officer (CEO), Adlan Tajudin said the purchase represented edotco's largest strategic ownership as it would diversify and strengthen the group's pan-Asian platform.
He added that the acquisition will also provide exposure to new high -growth markets with strong government support in ensuring that edotco continues to play an important role in developing the infrastructure of the digital economy while boosting strategic growth.
Meanwhile, Axiata's official statement informed that the purchase was made through internal and external funds.
Meanwhile, Axiata shares rose 6 sen to RM3.66 with a total of 534,100 shares changing hands at the time of this writing.
