Axiata Group Berhad and its subsidiary, edotco Group announced an additional USD 100 million upsize of its 2016 record tower sector equity private placement with Malaysia’s pension fund, Kumpulan Wang Persaraan (Diperbadankan) (KWAP) joining the fold of investors. The inclusion of KWAP brings edotco’s maiden equity private placement to USD 700 million surpassing its initial announced placement size of USD 600 million.
Based on edotco’s portfolio at the close, final allocation of the private placement exercise stands at USD400 million to Innovation Network Corporation of Japan, USD100 million to KWAP in primary shares, and USD 200 million to Khazanah Nasional Berhad in secondary shares. At completion, edotco’s shareholding results in the investors collectively owning 37.6% of edotco, with Axiata remaining as the majority shareholder at 62.4%. The enlarged placement of shares to KWAP is an extension of edotco’s equity private placement process announced in late December 2016 and was concluded on the same equity valuation of close to USD1.5 billion and an enterprise value to FY2016 EBITDA multiple of 12.5x, which is comparable to regional peers.
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