The telecommunication network solutions provider announced that it has entered into a shareholder agreement with the Ministry of Finance in Laos with the intention to expand its presence there.
OCK will set up a joint venture company under the name OCK Laos TowerCo, under this agreement, whereby OCK will hold a majority stake of 70% while the remaining 30% stake will be held by the Ministry of Finance of Laos.
Subsequently, OCK Laos TowerCo apply for a tower license in Laos. This strategic venture will allow OCK to tap into the telecommunications industry in Laos and further expand its global footprint.
A signing ceremony was held at Crowne Plaza Hotel in Vientiane City where OCK was represented by its Group Managing Director Sam Ooi Chin Khoon and Group Chief Executive Officer David Low Hock Keong while the Director General of Telecommunication Regulation Authority Soudchay Lorlonesy signed on behalf of the Ministry of Technology and Communication. Dr. Sonephet Inthavong from the Department of State-Owned Enterprises Reform and Insurance in turn signed on behalf of the Ministry of Finance. The signing was witnessed by the Minister of Technology and Communication Profesor Dr. Borviengkham Vongdala, Deputy Minister of Finance Mr. Bounpone Vannachith and other OCK officials.
“It is an honour to be working with the ministry of finance in bringing quality connectivity to the people of Laos. This partnership allows us to bring forth our quality services to other parts of the southern east Asia region and further boost our brand recognition as well as reputation at a regional level. OCK believes in the need to constantly look at expanding its telecommunication services to better suit the rapidly evolving industry and constant demand for better connectivity. Thus given our timely entrance, we believe that we will be able to tap into the new 5G industry in Laos,” OCK Group Managing Director Sam Ooi Chin Khoon remarked.