Malaysia-based Axiata Group’s tower unit edotco was reportedly considering the sale of shares to raise US$600 million to support growth plans across the Asia Pacific, reported Bloomberg.
The publication reported edotoco appointed an adviser to hash out the deal, and if current shareholders including Axiata take part, the sale could raise around US$1 billion.
Sources told Bloomberg the deal could attract external investment as digital infrastructure assets in Asia has risen in demand.
Edotco manages a regional portfolio of 50,000 towers across Malaysia, Indonesia, Bangladesh, Cambodia, Sri Lanka, Pakistan, Philippines, Myanmar, and Laos.
Recently edotco alongside fellow tower company Edgepoint acquired half of the Philippines-based operator PLDT’s tower portfolio (2,973 towers) and in 2021 it acquired Malaysian tower company Touch Mindscape for US$404.5 million.