South Korean cellco SK Telecom has announced it will invest another MR50m (US$16.4m) in Malaysian WiMax operator Packet One Networks (P1) to benefit from the company’s expected strong growth in Malaysia’s broadband market.
In June last year, SK Telecom…
South Korean cellco SK Telecom has announced it will invest another MR50m (US$16.4m) in Malaysian WiMax operator Packet One Networks (P1) to benefit from the company’s expected strong growth in Malaysia’s broadband market.
In June last year, SK Telecom announced it was forming a strategic alliance in Malaysia via a US$100m investment in P1.
SK Telecom said that following the new investment, it expects to remain P1’s second-largest shareholder with its 25.8% stake, after Malaysia-based WiMax equipment provider Green Packet (57.1%).
According to local newspaper the Star Online, Green Packet will also increase its stake in the company to 59.36% with a MR151.1m (US$49.6m) investment.
Green Packet was not available for comment before the press deadline.
P1 claims to be the first WiMAX provider in the country, focused on both consumer and business markets.
Last September, the company secured 4G spectrum and now plans to cover 65% of the population by 2013.
