PTA (Pakistan Telecommunication Authority) has approved edotco PK’s change of shareholding in the Tower-Sharing Services Company by way of subscription by Dawood Hercules Corporation Limited (DH Corp) of 45% of the share capital of edotco PK, an end-to-end telecom infrastructure services company.
This positive decision of the Government and the Regulator is a welcome promotion of the digital agenda making Pakistan an attractive destination for foreign investment.
The recent development marks one of the approvals related to the transaction steps on the acquisition by edotco PK of Jazz’s portfolio of 13,000 tower assets which are currently under Deodar Private Limited (Deodar).
Further regulatory approvals are in process of being granted by PTA on the change of shareholding structure in Deodar, and by State Bank of Pakistan on the funding of the acquisition.
edotco Pakistan Private Limited (owned by Axiata) was established in 2012 and is the first regional and integrated telecommunications infrastructure services company in Asia, providing end-to-end solutions in the tower services sector from tower leasing, co-locations, build-to-suit, energy, transmission and operations and maintenance (O&M). edotco PK operates and manages a regional portfolio of over 27,000 towers across core markets of Malaysia, Myanmar, Bangladesh, Cambodia, Sri Lanka and Pakistan with over 16,500 towers directly operated by edotco and a further 10,500 towers managed through a range of services provided.
On the other hand, Dawood Hercules Corporation Limited (DH Corp) is an investment company listed on the Pakistan Stock Exchange, with a market capitalization of approximately USD 580 million. DH Corp’s vision is to make fundamental necessities available, affordable and sustainable for the developing world via pairing capital with capability and with ideas that will have the biggest impact.
