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TM to develop Green Packet unit P1's biz
by Cals Thu 27 Mar 2014, 18:35
| TM to develop Green Packet unit P1's biz |
| Business & Markets 2014 |
| Written by Charlotte Chong of theedgemalaysia.com |
| Thursday, 27 March 2014 16:00 |
KUALA LUMPUR (Mar 27): Telekom Malaysia Bhd (TM) which is acquiring a controlling 57% stake in Packet One Networks (M) Sdn Bhd (P1) for RM350 million, will help develop the latter's business.
TM group chief executive officer Tan Sri Zamzamzairani Mohd Isa said in a press conference here today that the RM350 million would be ploughed back into P1 to develop the high-speed Internet network infrastructure provider's business plan moving forward.
The press conference was in conjunction with an investment agreement signing ceremony involving TM, Green Packet and South Korea's SK Telecom Co Ltd. This is for TM's acqusition of new shares in P1.
Zamzamzairani said the agreement was to help P1 build its business.
"The principle of this collaboration is about jointly creating value in the future.
"The partnership provides an LTE (Long Term Evolution)-ready platform for us to more efficiently roll out wireless-broadband products and accelerate time-to-market for our customers," he said.
Zamzamzairani said the agreement inked by TM, Green Packet and SK Telecom was to share in the ownership and collaborate in the future growth of P1.
He said TM would further invest up to RM210 million into Green Packet via a proposed redeemable exchangeable secured bond programme.
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