Printer Friendly

Malaysia : TELEKOM MALAYSIA agrees to spend $170m in PACKET ONE networks.

Telekom Malaysia Bhd decided to spend up to 560 million ringgit ($170 million) in Internet service provider Packet One Networks (Malaysia) Sdn Bhd as part of a program to develop new network infrastructure in the nation.

The state-owned fixed-line provider will initially subscribe to MYR350 million worth of shares that would give Telekom Malaysia a 57% stake in Packet One. Green Packet Bhd and SK Telecom Co. Ltd. will remain as "strategic shareholders" once the agreement is completed, according to a joint statement. As of March 3, Green Packet was the majority shareholder in Packet One with a 55% stake.

Telekom Malaysia has also decided to spend up to MYR210 million in Green Packet via newly-issued redeemable exchangeable bonds, which could be converted into Green Packet's stake in Packet One.

Telekom Malaysia and Packet One will cooperate to develop the so-called Long Term Evolution technology, or LTE, and market the high-speed broadband service, the statement added.

2014 Al Bawaba (Albawaba.com) Provided by Syndigate.info , an Albawaba.com company
COPYRIGHT 2014 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2014 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Date:Mar 28, 2014
Words:169
Previous Article:Malaysia : CIMB Bank introduces the CIMB Preferred Visa INFINITE at the 82nd Financial Advisory Series.
Next Article:Malaysia : RAM Ratings allots A AA1/Stable rating to Maybank Islamic s RM10 billion SUKUK MURABAHAH.
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters