Mobile phone operator Robi Axiata Limited has transferred from its possession 20 per cent of shares of Edotco Bangladesh, a telecommunications infrastructure services company, to Edotco Group.
Edotco Bangladesh in a statement on Monday confirmed the share transfer.
With the acquisition, Edotco Group’s shareholding in Edotco Bangladesh has increased to 70 per cent from 50 per cent.
Both Robi Axiata and Edotco Group are subsidiaries of Malaysia-based Axiata Group.
Before the latest share transfer, Edetco Bangladesh sold 30 per cent of its stake to local business group Getco to be eligible for tower company licence.
Getco through its subsidiary Greencon Tower Company Limited has partnered with Edotco.
In August, Bangladesh Telecommunication Regulatory Commission handed over notification of award to Edotco along with three other entities upon completion of the licensing conditions for tower company licences.
As part of the conditions, Edotco can not retain a mobile network operator as its shareholder, said
the company in its statement.
With the transfer, Edotco moves one step closer to fulfilling the conditions for tower licence eligibility, it said.
Edotco Bangladesh country managing director Rahul Chaudhary said, ‘We have been working closely with Robi and our local partners to ensure a smooth transition.’
‘We are confident we will be able to fulfill all the conditions within the set timeframe,’ he said.
‘We are looking forward to receiving the complete licence and are determined to keep serving
the telecommunication industry in Bangladesh,’ Rahul said.
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