Malaysian telecoms firm Axiata suspends IPO plans for towers unit amid Myanmar turmoil
(Image source: Axiata)

Asian Tech Press (Feb 22) -- Malaysian telecoms firm Axiata Group Berhad has suspended plans to list its infrastructure unit because of political unrest in Myanmar.

Axiata President and Group CEO Izzaddin Idris said the company was not yet in a hurry to go into the initial public offering (IPO) market, according to The Star.

Izzaddin said the infrastructure unit has investments in Myanmar, but the company is not quite sure how the market will view an IPO involving Myanmar, so Axiata needs to address that issue before proceeding with an IPO.

Axiata's towers unit edotco Group Sdn. Bhd. owned and managed a total of about 42,227 towers in Southeast Asian countries, including Malaysia, Sri Lanka, Bangladesh and Cambodia. And it operated and managed more than 1,800 towers and sites in Myanmar, according to a Bloomberg report.

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