One of the leading tower companies of Asia, Edocto has announced to invest $1 billion in Pakistan. Edocto is reported to acquire 13,000 telecom towers of Jazz. This acquisitions can create hundreds of job opportunities. Edotco to Acquire Jazz’s tower Business for $940 Million.
This acquisition was announced by Edocto Group CEO Suresh Sidhu and Edotco Pakistan Country Managing Director & CEO Arif Hussain while addressing a media session to discuss Edotco’s plans for the local telecom industry.
Edotco to Acquire Jazz’s tower Business for $940 Million
Edocto already has 700 telecom towers in Pakistan and is about to acquire 13,000 more soon. The company has received no objection certificate from the Competition Commission of Pakistan (CCP) while no objection certificate from Pakistan Telecommunication Authority (PTA).
CEO Edocto said that Pakistan is a frontier fro developing Asian markets. This reason forced them to invest in Pakistan. CEO said that:
With a youth bulge and potential for exponential growth, edotco had marked its operations in Pakistan as its crown jewel for years to come
Edocto wants to become the top 5 towerco globally by 2020 by progressively investing in industry. The Malaysian based firm Edocto, aims to incorporate value added services to enhance efficiency connectivity for communities.
The CEO of Edotco said that the debt-equity ratio will be 50:50. The debt will be raised from domestic markets and equity will be arranged from offshore
The CEO Sidhu revealed that Edotco currently manage 26,000 towers in six countries. The company acquired the license to operate in Pakistan in 2015.
Edotco operates and manages a regional portfolio of over 26,000 towers across core markets of Malaysia, Myanmar, Bangladesh, Cambodia, Sri Lanka and Pakistan with 18,461 towers directly operated by Edotco and a further 8,100 towers managed through a range of services provided.