Malaysian infrastructure group edotco has scrapped its planned acquisition of 13,000 mobile towers from Pakistan Mobile Communications Limited (PMCL), which operates under the Jazz brand name. In a statement, the towerco explained that the transaction had been subject to a number of conditions and that non-fulfilment of these conditions within the stipulated timeframe – in particular regulatory approval for the change of control of the towers – had led to the termination of the takeover.
edotco Group CEO Suresh Sidhu was quoted as saying of the development: ‘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 South East Asia and are confident we will be able to meet our goals for business growth.’