(Yicai Global) Dec. 20 -- China Tower, the world's largest telecoms tower maker, has bought a majority stake in a new telecoms joint venture in Laos as its first overseas investment. The Chinese firm went public in late July while raising USD6.9 billion in the world's largest initial public offering in two years. 

The Lao government, China Tower and Click Lao Marketing and Consultancy jointly established the Southeast Asia Tower in the capital of Vientiane on Dec. 18, the Beijing-based firm announced on its website. China Tower will hold a 70 percent stake while other two parties will keep those of 15 percent each. 

The Southeast Asia Tower aims to accelerate the development of communication infrastructure, including the Internet of Things and big data, in the Southeast Asian country. China Tower has chosen two executives from its Yunnan branch to head the JV. Gao Yufen will become the president and Liu Bo the general manager. 

Founded in 2014, China Tower runs about 1.9 million base stations in China. Its IPO was the largest after Postal Savings Bank of China raised USD7.6 billion in Hong Kong in 2016, according to Reuters. 

Editor: Emmi Laine