By Chester Tay

Axiata Group Bhd. is deferring plans for a stake sale in tower unit edotco Group, according to Chief Executive Izzaddin Idris.

The decision was made in view of changes in the market situation, as the Covid-19 pandemic and market conditions have made it a poor time for the company to unload the assets, the regional cellular service provider's CEO said during a media briefing after fourth-quarter results.

The stake sale remains open, and Axiata will continue to evaluate opportunities available, he said.

Axiata holds a 63% stake in edotco, which gives it room to monetize its shareholding while maintaining a majority stake.

Shares closed 5.0% higher at MYR3.57 after the group released quarterly results.

Write to Chester Tay at chester.tay@wsj.com

(END) Dow Jones Newswires

02-25-21 0442ET