Axiata mulling IPO for tower assets?

27 Aug 2013

Malaysia’s Axiata Group is said to be planning to raise at least USD500 million from an initial public offering (IPO) of its telecommunication tower assets. According to Bloomberg, which cites two people with knowledge of the matter, the company is currently working with CIMB Group Holdings, Goldman Sachs and JP Morgan Chase & Co on the IPO, which could be conducted in Kuala Lumpur next year. Axiata, however, has not made any official comment regarding the rumours.

The development follows local press reports in February 2013 which claimed that Axiata was planning to spin off its tower assets across seven countries into a single company with a market value of between MYR8 billion and MYR10 billion (USD2.4 billion-USD3.0 billion).

Malaysia, Axiata