PAKISTAN TELECOM TOWER DEAL CANCELLED BY A UNIT OF MALAYSIA’S AXIATA – Felix Financial Consulting

PAKISTAN TELECOM TOWER DEAL CANCELLED BY A UNIT OF MALAYSIA’S AXIATA

PAKISTAN TELECOM TOWER DEAL CANCELLED BY A UNIT OF MALAYSIA’S AXIATA

PAKISTAN TELECOM TOWER DEAL CANCELLED BY A UNIT OF MALAYSIA'S AXIATA.png

Malaysian telecommunications firm Axiata’s Unit Edotco had a deal with Pakistan Mobile Communications Limited (PMCL) in Pakistan of acquiring 13,000 towers announced in August last year, which would have made Edotco the eighth-largest independent tower firm and the second-largest multi-country tower operator globally.

But Today on, 18th September, 2018 this deal has been called due to some unforeseen reasons.

1. DEAL TO ACQUIRE 13000 TOWERS

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Axiata’s one of the unit Edotco had made a deal of purchasing 13000 towers ( US$ 940 ) from Pakistan Mobile Communication Limited ( JAZZ ) Edotco – through Tanzanite Tower Private Limited, a wholly owned subsidiary of Edotco Pakistan Private Limited had entered into an agreement with PMCL to acquire its tower subsidiary.

2. DEAL CALLED OFF

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Today,Deal by Axiata has been called off due to some incomplete sale conditions and failed to obtain  regulatory approval for the resulting change of control in Deodar      ( Pakistan ). But all this doesn’t affects the relationship and business deals between Malaysia and Pakistan.

3. DROP IN SHARE PRICES

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Axiata’s shares dropped as much as 2.4%, when it resumed trading after an hour-long halt on Tuesday morning. After all of this CEO of Edotco seems to be interested in making business deals with PMCL in mere future and doesn’t hampers their relations.

4. CEO OF EDOTCO SAYS !

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Suresh Sidhu , CEO of Edotco says : “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 Southeast Asia and are confident we will be able to meet our goals for business growth,”

 

 

 

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