The Ministry of Finance (MoF) has signed a shareholder agreement with the engineering services firm to set up a company to build telecommunications towers across Laos.
According to the agreement, a joint venture company under the name OCK Laos TowerCo Ltd. will be set up by OCK Group and they will hold a majority stake of 70% and the MoF will be in control of the remaining 30%. Once it starts operations, OCK Laos TowerCo will also apply for a tower license in Laos.
OCK Group hopes that this strategic partnership will enable them to province quality connectivity to the people of Laos.
OCK Group MD Sam Ooi said, “This partnership allows us to bring forth our quality services to other parts of the South-East Asian region and further boost our brand recognition as well as reputation at a regional level.”
“Given our timely entrance, we believe that we will be able to tap into the new 5G industry in Laos,” Ooi added.
The company wants to set up around 5,000 telecommunications towers in the next two years and continue to expand to meet the demands of the market. It will also be investing USD 150 million over the next five years with the primary focus being infrastructure, building telecommunications towers for Laos operators, and providing rent for the telecommunications towers and internet.
The duration of the agreement is 15 years and can be extended as per mutual agreement between the Lao government and OCK Group.