Pinnacle Towers, an Asia-focused digital infrastructure platform has recently announced the completion of its acquisition of a majority stake in the AB HighTech (ABHT), a leading telecom tower platform in Bangladesh.
With this acquisition, Pinnacle enters the rapidly growing Bangladesh market, Pinnacle’s second market after the Philippines, read a press release on October 4.
Through Pinnacle’s investment in ABHT, Pinnacle aims to play an increasingly vital role in developing Bangladesh’s digital infrastructure and contributing to increasing digital access for the people of Bangladesh.
“We are incredibly excited to invest in Bangladesh and support the continued expansion of digital connectivity, which is so central to inclusive economic development, in such a vibrant market,” Pinnacle Chairman and CEO Patrick Tangney said.
“The entry of Pinnacle into the Bangladesh market is great news and an opportunity for the country’s telecom sector. We look forward to continuing to help develop the telecom infrastructure of the country.” ABHT Vice Chairman Chowdhury Nafeez Sarafat said.
“This is a great opportunity for ABHT and I am thrilled to be able to work with an established platform with global expertise. We look forward to working closely with the highly experienced team and to make a difference to the people of Bangladesh,” FCCA ABHT Director Adnan Imam said.
Going forward, ABHT will operate under the name “Frontier Towers Bangladesh Ltd.” with the renaming to become effective in the coming weeks.
Pinnacle is excited to partner with local shareholders, including Chowdhury Nafeez Sarafat, Chairman of Canadian University of Bangladesh; Mohammed Adnan Imam, Chairman and Co-founder of Genex Infosys (Bangladesh stock exchange: GENEXIL); Sheba Group, which founded Sheba Telecom, the predecessor of Banglalink, led by its Managing Director Asif Choudhury and Shahnul Hasan Khan, Vice Chairman of Strategic Holdings who collectively bring enormous entrepreneurial experience in Bangladesh to bear.
