Axiata, edotco announce $600m equity placement deal
Axiata Group Berhad and its wholly-owned subsidiary, edotco Group have announced a record US$ 600 million equity privateplacement deal with Innovation Network Corporation of Japan and KhazanahNasional Berhad for primary and secondary edotco shares.
Of which, the Innovation Network Corporation of Japan, a public-private partnership between the Japanese government and 19 major corporations, committed share of US$ 400 million and Khazanah Nasional Berhad, the sovereign wealth fund of the Government of Malaysia, committed $ 200 million, said an Axiata press release on Wednesday.
Khazanah holds and manages selected commercial assets of the government and undertakes strategic investments on behalf of the nation.
The release said definitive agreements are expected to be finalised and signed in January 2017 with Axiata remaining as majority shareholder of edotco post transaction.
The maiden equity raising exercise for edotco sets a new benchmark as the largest global tower sector private placement in 2016.
The deal saw strong demand for edotco shares with interests from a diverse mix of investors comprising both international and local asset management companies, financial institutions and strategic investors.
INCJ is a Japanese public-private investment company whilst Khazanah is the strategic investment fund of the Government of Malaysia. For INCJ, this investment is recognition of the long term opportunity presented in edotco.
