KUALA LUMPUR (NewsRise) -- Malaysia's largest mobile phone network company by revenue Axiata Group plans to invest up to $200 million in Myanmar over the next eight years to boost ownership of telecommunication towers for mobile networks in one of the world's least tapped frontier markets.
The planned investment is on top of the company's ongoing purchase of majority control in Digicel Myanmar Tower Company that Axiata announced in October. Axiata's wholly-owned tower infrastructure unit edotco will pay $125 million in cash for a 75% stake in Digicel Myanmar.
Axiata will fully-fund the acquisition from part of the $500 million Islamic bond sale programme. "Organic growth thereafter will be funded via free cash flows of [Digicel Myanmar] and commercial debt as appropriate," said edotco chief executive Suresh Sidhu. (Courtesy of Nikkei Asia Review)
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