Apollo Towers





Date of investment: 29 July 2015
Effective interest held by MIL: 9.3%​


Apollo Towers Pte Ltd. (“Apollo) is MIL’s investment into Myanmar’s bourgeoning telecommunication sector. With one of the world’s lowest mobile penetration rates in 2013, Myanmar’s government made a decision to tender two Mobile Network Operator (“MNO”) licenses to foreign companies. Since commencing operations in the summer of 2014, the two MNOs (Telenor and Ooredoo) have increased mobile penetration from less than 10% to over 50% by 2016.


By building and managing the MNO’s tower infrastructure, Apollo is playing a central role in connecting this vast country. Before Apollo entered the market, Myanmar only had 1,800 towers to service the population with access to the mobile network. The MNOs aim to provide countrywide coverage of over 90% within the next four years and therefore Myanmar needs more than 22,000 towers. Apollo is well positioned to construct and manage a considerable share.


In becoming a shareholder of Apollo, MIL is co-investing with one of the telecom industry leaders in Sanjiv Ahuja, as well as global private equity firm TPG (formerly the Texas Pacific Group). Combining MIL’s local knowledge with Sanjiv Ahuja’s industry experience and TPG’s international capital markets access puts Apollo in a strong position to become a market leader.


Apollo has already secured an additional order for 700 towers in addition to its existing 1,100 towers. In addition to the MIL led USD $30 million equity investment, OPIC has also approved a USD $250 million debt facility to Apollo. With all the stars aligned, MIL is confident that Apollo will become a prime example of a Myanmar company run to international standards that is fit for a listing on one of the region’s major bourses.


More information can be found on Apollo’s website at http://apollo-towers.com/




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