Axiata Group Bhd confirmed it will sell its entire stake in its subsidiary Edotco Myanmar Ltd for $150 million), as the company gears up to exit the telecommunications tower business in Myanmar.

The company became the latest telecoms company to leave the country, which is currently in civil war.

In a filing with Bursa Malaysia yesterday, Axiata said its subsidiary Edotco entered into a share purchase agreement to sell its entire 87.5 percent stake in Edotco Investments Singapore Pte Ltd for $150m.

"[The] decision to exit Myanmar was made due to deteriorating macroeconomics and operating environments in Myanmar," said the operator yesterday in its filing.

"Capital from the Proposed Divestment – Myanmar, aligned with Axiata's commitment to maintaining a strong balance sheet and enhancing shareholder value, will be re-deployed to reduce debt," it added.

Capacity Media reports that local investment group, Yoma Strategic Holdings, will buy the stake.

Earlier this year, Axiata stated its intentions to exit the market.

Edotco first entered the market back in 2015 when it acquired a 75 percent stake in Digicel Myanmar Tower Company (MTC). At the time, the deal saw the tower division receive an enterprise valuation of around $220 million.

Edotco operates more than 3,000 towers in Myanmar, and around 58,000 across nine countries, including Bangladesh, Cambodia, Laos, Indonesia, Malaysia, Pakistan, Philippines, and Sri Lanka.

Other telcos including Ooredoo and Telenor have exited Myanmar in the past couple of years.

In 2022, Telenor sold its business in the country to Lebanese holding company M1 Group for $105 million

“Telenor has to leave Myanmar to be able to adhere to our own values on human rights and responsible business, and because local laws in Myanmar conflict with European laws," Telenor group president and CEO Sigve Brekke said at the time.