SHAH ALAM: OCK Group Bhd has received its shareholders' approval for a proposed acquisition of Southeast Asia Telecommunications Holdings Pte Ltd (SEATH) for US$50 million (RM210 million) in cash.
The acquisition, which will be made through the group's 60 per cent-owned subsidiary, OCK Vietnam Towers Pte Ltd, involves the procurement of 42.04 million ordinary shares of SEATH, or its entire equity interest, from Vietnam Infrastructure Ltd (VNI).
SEATH is the largest independent base transceivers station (BTS) owner in Vietnam, with 1,938 telecommunications towers, geographically-dispersed throughout Vietnam.
SEATH is principally involved in the development, installation, ownership, operation and leasing out of BTS towers, infrastructure and other related assets.
As a result of this transaction, OCK group managing director Sam Ooi Chin Khoon said the company will have approximately 3,000 tower assets across the Asean region by the end of 2016, coupled with Myanmar investment.
OCK had in December last year sealed a deal with Telenor Myanmar Ltd to build 920 telecommunications towers in the country.
The acquisition of SEATH is expected to be completed by December 2016.