ADVANCED Info Service (AIS), Thailand’s biggest telecommunications group, is considering options for its tower business, including a stake sale, said people with knowledge of the matter.

The Bangkok-listed company has held talks with potential advisers for a strategic review of the assets, the sources said, requesting anonymity. They added that another option under consideration was creating an infrastructure fund for the assets,that could be listed on the Bangkok stock exchange.

The tower business could be valued between US$2 billion and US$3 billion in a transaction, the sources said. One of the people said that other telecoms companies as well as infrastructure-focused funds, have shown early interest in the assets.

In August 2021, Nattiya Paopongsakorn, head of AIS’ investor relations department, said the group was studying the prospect of raising funds by spinning off its telecoms towers and other assets. The company owned 22,000 towers at the time.

Digital infrastructure, which includes assets from phone towers to data centres and satellites, has been among the most active sectors for deals in the Asia-Pacific, particularly in South-east Asia, where investors are keen to tap into the region’s growth potential.

Telecoms providers have also been looking to raise cash to expand their services, including 5G deployment.

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AIS has made no final decision on its options, and the considerations were preliminary, the sources said, adding that the company could still decide against pursuing a transaction. A representative for AIS declined to comment.

The company offers mobile, fixed broadband and enterprise solutions as well as digital services, to individuals and companies in Thailand. Its mobile services have 45.7 million subscribers.

Shares of AIS have declined nearly 14 per cent in the past 12 months, valuing the company at US$17.3 billion. BLOOMBERG