The parent of Malaysian WiMax operator Packet One Networks (P1) has asked for trading in its shares to be suspended tomorrow due to an upcoming transaction.
Green Packet has been looking to sell its 57% stake in P1 and Telekom Malaysia is now going to…
The parent of Malaysian WiMax operator Packet One Networks (P1) has asked for trading in its shares to be suspended tomorrow due to an upcoming transaction.
Green Packet has been looking to sell its 57% stake in P1 and Telekom Malaysia is now going to acquire the business, according to local press.
A deal would allow the incumbent back into the mobile sector following its sale of market leader Celcom in 2008.
In a filing with the Malaysian bourse today, Green Packet asked for trading in its stock to be suspended “pending a material announcement of a transaction where the percentage ratio calculated in accordance with Chapter 10 of the main market listing requirements of Bursa Malaysia…is equal to or exceeds 25%”.
Last year Green Packet was suggested to be seeking MR1bn (US$306m) for its stake in P1, which is Malaysia’s fifth largest mobile operator.
Previously, local rivals Telenor’s Digi and YTL were said to be interested in the telco, which holds valuable spectrum in the 2.3 GHz band.
P1’s second-largest shareholder is South Korea’s SK Telecom, with 26%, while US IT giant Intel holds 5%.
