Malaysian telecommunications firm Axiata Group’s infrastructure unit edotco Group Sdn Bhd (edotco) announced Monday that they will not be moving forward with the acquisition of 13,000 towers from Pakistan Mobile Communications Limited (PMCL) in Pakistan.Last year, Edotco Group in partnership with Dawood Hercules Corporation Ltd (DH Corp) had announced the acquisition of approximately 13,000 towers from Pakistan Mobile Communications Limited (Jazz). Edotco – through Tanzanite Tower Private Limited, a wholly owned subsidiary of Edotco Pakistan Private Limited had entered into an agreement with PMCL to acquire its tower subsidiary, Deodar Private Limited, and its portfolio of over 13,000 tower assets. Also, the Competition Commission of Pakistan (CCP) had given the no-objection certificate for the acquisition of Deodar Private Limited, a subsidiary of PMCL.However, edotco, the infrastructure business unit of Axiata Group Bhd, said in a statement it had failed to obtain regulatory approval for the change of control of the towers. “The transaction was subject to a number of conditions and terminated due to the non-fulfilment of the conditions precedent to the SPA within the stipulated timeframe, in particular regulatory approval for the resulting change of control contemplated under the SPA”, a statement issued by the company noted.Suresh Sidhu, Chief Executive Office of edotco Group, said “We do not foresee this affecting our business goals and aspirations. We are confident in the potential of the growing market in Pakistan and are committed to the existing operations there. We continue to develop our pipeline of opportunities into Pakistan as well as into other markets in South and South East Asia and are confident we will be able to meet our goals for business growth” edotco remains committed to Pakistan and will continue to grow its existing business under edotco Pakistan, comprising today of the towers acquired by Tanzanite Towers carried out earlier this year. Arif Hussain, Country Managing Director for edotco Pakistan, added “We have seen strong progress in Pakistan since our first acquisition here and business continues to grow with new orders for sites as well as high demand for adjacent opportunities such as energy solutions. We remain focused on building the business in Pakistan.”On the other hand, Dawood Hercules Corporation Limited (DHCL) said the company will no longer be investing up to Rs17.453 billion in Edotco Pakistan (Pvt) Limited, since edotco has failed to comply to the terms of the agreement. “The Share Subscription Agreement entered into for this purpose amongst Dawood Hercules Corporation Limited, Edotco Investments (Labuan) Limited (Edotco Labuan) and Edotco Pakistan (the Agreement) prescribed various conditions that needed to be satisfied before consummating the transaction. Out of the said the conditions, certain material conditions have not been satisfied prior to the longstop date prescribed in the Agreement,” the Company Secretary at DHCL, Shafiq Ahmed said.edotco operates and manages a regional portfolio of over 28,000 towers across core markets of Malaysia, Myanmar, Bangladesh, Cambodia, Sri Lanka and Pakistan with 17,000 towers directly operated by edotco and a further 11,000 towers managed through a range of services provided. edotco strives to deliver outstanding performance in telecommunications infrastructure services and solutions. Its state-of-the-art real time monitoring service, echo, has already seen improvements in field operations while maximizing operational efficiencies in terms of battery, energy and fuel consumption for telecommunications infrastructure. Published in Daily Times, September 18th 2018.