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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.

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Publication:Mena Report
Date:Mar 28, 2014
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