KUALA LUMPUR: The sale of Edotco's Myanmar tower assets could see the removal of a stumbling block for Axiata Group Bhd
by alleviating concerns over the group's investments in frontier markets, say analysts.
Having previously announced its intent to dispose of its Myanmar investments, Axiata said in a stock market filing yesterday 63%-owned Edotco Group Sdn Bhd is proposing to dispose of its 87.5% stake in Edotco Myanmar for US$150mil (RM713mil) cash.
With Edotco actively courting strategic investors to raise capital for its expansion plans, especially in the Philippines, analysts believe the disposal of the unit in junta-ruled Myanmar will only facilitate its plans.
According to reports, the purchaser in the deal is Pun Tower Investments Ltd, which is wholly-owned by Yoma Group founder Serge Pun.
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