16 Jan, 2017
The Edge Financial Daily
KUALA LUMPUR: OCK Group Bhd (OCK), through its 60%-owned subsidiary OCK Vietnam Towers Pte Ltd (OCK Vietnam), has completed the acquisition of the entire equity interest in Southeast Asia Telecommunications Holdings Pte Ltd (SEATH) for US$50 million (RM223 million).
The 100% equity interest consists of 42.04 million ordinary shares in SEATH and the purchase was fully satisfied by cash.
OCK Vietnam is also 40%-owned by CapAsia Telecommunications Ltd, a wholly-owned company of The CapAsia Asean Infrastructure III LP, a fund managed by Capital Advisors Partners Asia Pte Ltd.
SEATH is principally involved in the development, installation, ownership, operating and leasing of base transceiver station (BTS) towers, infrastructure and other related assets.
It is also the largest independent BTS owner in Vietnam with 1,972 telecommunication towers geographically dispersed throughout Vietnam. These telecommunication towers are backed by long-term lease rentals from mobile network operators in Vietnam.
OCK group managing director Sam Ooi said in a statement last Friday that the acquisition is part of the group’s regional expansion plans in achieving a wider business footprint in the Asean region.
“SEATH’s business is synergistic with the group’s existing businesses and will only strengthen our area of expertise, our portfolio and ultimately, our income stream.
“We intend to grow the business and will leverage on OCK’s experiences to expand further in Vietnam. We will tap the launch of the 4G/LTE in Vietnam,” Ooi said.
With the completion of the acquisition, SEATH will start contributing to OCK’s financials, Ooi added.