KUALA LUMPUR (May 23): Axiata Group Bhd is hoping to seal one or two large-size acquisitions related to the telco tower infrastructure business, which will help the group rise in the tower infrastructure space to fifth by 2021 from eighth currently, said president and group chief executive officer Tan Sri Jamaludin Ibrahim.

"The plan is to be among the fifth largest in the world from eighth currently. We plan to grow the company aggressively, organically and inorganically," Jamaludin told reporters after Axiata's 26th annual general meeting here today.

Including a recently-concluded US$940 million telco tower deal in Pakistan, Jamaludin said, "Axiata has done three large deals so far. Maybe a small one coming this year, and one or two more big deals coming later."

Jamaludin said Axiata has not set a specific deadline to complete the said acquisitions, which will be within Asean and South Asian regions.

He said Axiata is looking for firms that have bright industry growth.

Currently, Axiata's telco tower infrastructure business is managed by its wholly-owned edotco Group Sdn Bhd, which operates a portfolio of 40,000 towers across six countries: Malaysia, Sri Lanka, Bangladesh, Cambodia, Pakistan and Myanmar.

Last week, Axiata said edotco has secured approval to raise funds from Pakistani lenders to complete the US$940 million acquisition of 13,000 tower assets from Deodar Pte Ltd.

On valuation, Jamaludin said independent advisers have appraised edotco at US$1.9 billion.

Given the attractive valuation, Jamaludin said edotco is weighing its option on whether to pursue a bourse listing via an initial public offering (IPO), or placements.

"It (edotco) might or might not necessarily pursue an IPO route. Last month, we talked to the bankers and asked them how do I fund this huge growth? We are getting the necessary advice," he said.

"Until then, I can't say if will we get to the IPO track, and if we do, I cannot even say when. But we are seriously looking at all alternatives," he added.