Malaysian telco Axiata Group is reportedly hoping to raise a minimum of US$500m by floating its tower assets.
Axiata is working with CIMB Group, Goldman Sachs and JP Morgan on the IPO, Bloomberg reported citing two people with knowledge of the…
Malaysian telco Axiata Group is reportedly hoping to raise a minimum of US$500m by floating its tower assets.
Axiata is working with CIMB Group, Goldman Sachs and JP Morgan on the IPO, Bloomberg reported citing two people with knowledge of the matter.
The flotation could happen next year on the local Kuala Lumpur bourse, the report said referring to the sources.
Axiata could not be reached for comment before the press deadline.
The Malaysian group owns 100% of domestic operator Celcom, 66.55% of XL Axiata in Indonesia, 84.97% of Sri Lankan player Dialog, 70% of Bangladesh’s Robi, 100% of Smart in Cambodia, 19.96% of Indian operator Idea Cellular and 29.12% of Singaporean telco M1.
It is not clear if towers belonging to players beyond Celcom will be part of the potential spin off, however in February local business publication Focus Malaysia reported it could float its tower assets across seven nations under a single entity, which could have a market capitalisation of between MR8bn (US$2.4bn) and MR10bn (US$3bn).
Axiata has previously been reported as being interested in acquiring Idea’s towers.
The group generated MR17.7 (US$5.4bn) in revenues last year and recorded MR7.4bn (US$2.2bn) EBITDA.
