CORRECT: Sojitz gains foothold in Myanmar's growing telecom infrastructure
Corrects the company name from Axiata to edotco Group in 7th paragraph in Nov. 20 story
BANGKOK, NNA – Major Japanese trading house Sojitz Corp. is entering the telecommunications infrastructure market in Myanmar where wireless facilities for 5G launch are a lucrative growth opportunity.
Sojitz said in a statement last Friday that it had acquired a 12.5 percent stake in edotoco Myanmar Ltd., which currently operates about 2,000 telecoms towers serving four major mobile operators in the emerging economy in Southeast Asia.
Sojitz bought shares worth $57.5 million from YSH Finance Ltd., a subsidiary of Yoma Strategic Holdings Ltd., a diversified Myanmar business group headquartered in Singapore, according to Yoma’s statement.
Sojitz believes edotoco Myanmar is well-placed to capture the largest slice of the local market where the demand for faster and more reliable 5G connectivity is expected to surge with widespread use of smart phones and tablets.
edotoco Myanmar is wholly owned by edotco Investments Singapore Pte. Ltd. Its major shareholder is Malaysian telecoms tower operator edotco Group Sdn. Bhd. which holds an 87.5 percent stake.
The Malaysian telecoms infrastructure firm, which was established in 2012, is 63 percent owned by Axiata Group Berhad., a leading Malaysian telecoms group, according to Sojitz in its statement.
Edotco Group manages nearly 30,000 telecoms towers in six Asian countries such as Bangladesh, Cambodia and Pakistan, according to its 2018 annual report.