Country for PR: United Kingdom
Contributor: PR Newswire Europe
Saturday, December 12 2020 - 01:03
Irrawaddy Green Towers Limited: Sale of Company
DUBAI, UAE, Dec. 11, 2020 /PRNewswire-AsiaNet/ --

The shareholders of Irrawaddy Towers Asset Holding Pte. Ltd. (the "Company"), 
including Blu Stone Management and M1 Group, have agreed today to sell the 
Company to CVC Capital Partners Asia V ("CVC").

The Company owns Irrawaddy Green Towers Limited ("IGT"), the leading 
independent telecommunications tower company in Myanmar with close to 4,000 
towers strategically located across the entire country.

Georges Makhoul, Chairman of the Company, commented: "Since the day we 
established IGT, it has been a privilege to work with the Myanmar community to 
facilitate the delivery of mobile services across the whole country. Our 
shareholders' early capital commitment, the support of the relevant ministries 
and regulators, the partnership with all the mobile operators, and the 
engagement with local communities have been vital for success; it has 
facilitated the business growth to the current leading position. With CVC as a 
future shareholder, the company is poised for further growth and success for 
the benefit of the people of Myanmar."

Jamal Ramadan, Director of M1 Towers, added: "We are proud of the work achieved 
together with the people of Myanmar, and under the leadership of CEO David Venn 
and his team. IGT is an industry pioneer that enables mobile services 
throughout the whole country. We look forward to continued progress and 
success, underlining the attractive fundamentals and strong growth of Myanmar's 
mobile communication sector."

Marwan Khoueiry, Managing Director of Blu Stone Management, concluded: "This 
has been a great journey for us cementing IGT's position as the leading telecom 
infrastructure provider in Myanmar and contributing to the country's economic 
development. We are very excited to follow IGT's success going forward and 
would like to thank the management team led by David Venn for their relentless 
work throughout all this."

Standard Chartered Bank (Singapore) Limited acted as lead financial adviser and 
UBS AG as joint financial adviser to the Company. Freshfields Bruckhaus 
Deringer and SCM Legal Limited acted as legal counsels to the Company.

About Irrawaddy Green Towers 
Established in 2014, IGT is the leading independent telecommunications tower 
company in Myanmar with close to 4,000 towers strategically located across the 
entire country. The company serves all four mobile network operators (Telenor, 
MPT, Ooredoo and Mytel) in Myanmar with both tower and power solution services. 
For further information about IGT please visit:

About Blu Stone Management
Blu Stone Management ("Blu Stone") is a Dubai-based investment management firm 
that develops and manages the full asset allocation spectrum with an in-house 
focus on direct private investments. For further information about Blu Stone 
please visit: 

About M1 Group
M1 Group is a holding company that owns and manages investments across various 
sectors and geographies. The Group oversees a vast portfolio of interests in 
industries as diverse as telecommunications, fashion, energy, real estate, 
electronic payments and asset management. For further information about M1, 
please visit:

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For Irrawaddy Green Towers
David Venn
Chief Executive Officer

Source: Blu Stone Management and M1 Group