Malaysia's Axiata Group is exploring a potential sale of its tower unit Edotco.
As reported by Bloomberg, a sale could value the tower company at around $3 billion, including debt.
The newswire reports that Axiata Group and Malaysian sovereign wealth fund Khazanah Nasional have asked investment banks to submit proposals to work on a potential sale of Edotco.
Australia's Macquarie Group has previously submitted a bid for Edotco.
Edotco operates more than 55,000 towers across several markets, including Bangladesh, Cambodia, Laos, Indonesia, Malaysia, Pakistan, the Philippines, and Sri Lanka.
The company announced in April of last year that it had agreed to sell its entire stake in its subsidiary Edotco Myanmar Ltd for $150 million.
Axiata previously completed acquired 2,710 towers from PLDT in the Philippines through Edotco back in 2023.
Axiata is the majority stakeholder in Edotco, with a 63 percent stake. Last month, Khazanah agreed to buy Innovation Network Corp. of Japan’s stake in Edotco, extending its holding to 32 percent. The remainder is owned by a Malaysian pension fund.
