Telekom Malaysia Buys 57% Stake In Packet One For RM350 Million
KUALA LUMPUR: March 27, 2014, Telekom Malaysia Bhd (TM) has acquired a 57% stake in Packet One Networks (M) Sdn Bhd (P1) for RM350 million, to enable the telecommunication company to deliver converged communications services. Chief executive officer Tan Sri Zamzamzairani Mohd Isa said the acquisition would allow TM to leverage on P1’s LTE technology to deliver high quality and reliable data services across all segments of the community. “P1 will capitalise on its spectrum assets, existing wireless platform and network footprint of close to 2,000 sites and experienced management, as well as, organisation to expedite its entry into the LTE space,” he told a press conference today.
Earlier, TM signed an investment agreement with Green Packet Bhd and Korea’s largest telecommunications company, SK Telecom Co Ltd, to develop a next-generation LTE infrastructure. The ceremony was witnessed by Communications and Multimedia Minister Datuk Seri Ahmad Shabery Cheek. The agreement, which will pave the way for the establishment of a partnership framework for the three parties, will also provide the parties to share in the ownership and collaborate in the future growth of P1.
TM would anchor the growth and development of P1’s business, SK Telecom to contribute valuable technical and strategic know-how while Green Packet would ensure P1’s business continuity. “The partnership provides a LTE-ready platform for us to more efficiently roll out wireless broadband products and accelerate time to market for our customers,” Zamzamzairani said. He added TM would additionally invest up to RM210 million into Green Packet via newly issued redeemable exchangeable bonds, which may be exchangeable into Green Packet’s stake in P1 in the future.
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