PETALING JAYA: OCK Group Bhd today signed an agreement with Vietnam Infrastructure Ltd (VNI) for the proposed acquisition of Southeast Asia Telecommunications Holdings Pte Ltd (SEATH).
The deal, made through the group's 60 per cent-owned subsidiary, OCK Vietnam Towers Pte Ltd, involves the acquisition of 42.04 million ordinary shares of SEATH, or its entire equity interest, for US$50 million in cash.
SEATH is the largest independent base transceivers station (BTS) owner in Vietnam, with 1,938 telecommunications towers, geographic dispersed throughout Vietnam.
SEATH is principally involved in the development, installation, ownership, operation and leasing out BTS towers, infrastructure and other related assets.
OCK managing director Sam Ooi Chin Khoon said the group expects to gain a steady income stream as the acquired BTS stations have a long-term lease agreements with mobile network operators in Vietnam.
"This acquisition paves the way for OCK to enter into Vietnam market, which is one of the biggest market in Asean with many growth opportunities.
"As a result of this transaction, OCK will have approximately 3,000 tower assets across the Asean region by end of 2016, coupled with Myanmar investment," he said in his speech at the signing ceremony here, today.