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US$ 90 Million ACQUISITION AND FUTURE PLANS OF EDOTCO PAKISTAN”


7/4/2017

Prime Minister’s Office
Board of Investment
(Media Section)
******


   
PRESS RELEASE
Islamabad 4th June, 2017. A 03-Members delegation led by Mr. Suresh Sidhu,Group CEO,EDOTCO Group visited Board of Investment, Islamabad and met Minister of State/Chairman, BOI Dr. Miftah Ismail.   The Chairman welcomed the Hon’able guests. The objective of this meeting was “TO UPDATE THE CHAIRMAN, BOI ON THE RECENT US$ 90 Million ACQUISITION AND FUTURE PLANS OF EDOTCO PAKISTAN”.

The meeting started with the currently performing activities of EDOTCO group in telecommunication sector. Mr. Suresh Sidhu thanked BOI for its continuous support in implementation of their business plan in Pakistan. They highly appreciated that the efforts and support at the highest level to this Malaysian Group which is keen to work and invest in Pakistan. They informed that they have recently achieved success in closing a deal with a local group for the acquisition of their business worth $90M. They under an agreement with Tower Share (Private) Limited ("TS PK") will acquire 100% of its subsidiary, Tanzanite Tower Private Limited ("TTPL"). This acquisition is an important strategic development to Edotco's existing operations in Pakistan and allows Edotco to expand its presence in Pakistan with a sizeable portfolio of approximately 700 towers providing tenancies to all major mobile operators in the country. This opportunity is in line with Edotco's plans to scale up its operations in Pakistan and make it the largest independent tower company in the country. This Board is confident that this acquisition will bring positive financial returns to the Group.

Dr. Miftah Ismail, MOS/Chairman, BOI informed that government encouraging the Foreign investors to invest in Pakistan as security situation and economic stability improved. He said  there is Equal treatment for local & foreign investors and All economic sectors open to FDI (Except for Arms and ammunition, High Explosives, Radioactive substance, Security printing and Currency Mint) and Foreign equity upto 100% allowed and Repatriation  of 100%  capital, profits, dividends, royalty, technical & franchise fee, allowed.

He said foreign investment fully protected under the Foreign Private Investment Promotion & Protection Act, 1976 and Protection of Economic Reforms Act 1992. He highlighted the development in telecommunication sector and future prospects.

At the end Dr. Miftah Ismail, Minister of State/Chairman, BOI thanked Mr. Suresh Sidhu, Group CEO,EDOTCO Group and their delegation to boost investment, trade and economic relations. He further said that BOI being the apex body of the Government of Pakistan for investment promotion and facilitation to foreign investors assure them full support as and when needed.

Sd/-
(Shah Jahan Shah)
Additional Secretary/Spokesmen

Source:  BOI's Official Press Release