Malaysian fibre-optic capacity provider Time dotCom (TdC) has entered into a conditional sale and purchase arrangement to acquire three local telcos.
Advised by CIMB Investment Bank Berhad, TdC is looking to buy 100% equity stakes in Global Transit…
Malaysian fibre-optic capacity provider Time dotCom (TdC) has entered into a conditional sale and purchase arrangement to acquire three local telcos.
Advised by CIMB Investment Bank Berhad, TdC is looking to buy 100% equity stakes in Global Transit Communications, Global Transit Ltd, and Global Transit Entities and Aims Group, which are all owned by holding company Megawisra.
The announcement proposes several measures for capital restructuring, including a capital reduction in TdC’s existing issued and paid-up capital of over MYR2.53bn (US$804.57m) comprising over 2.53bn shares of MYR 1 each in TdC via cancellation of MYR 0.90 of the par value of TdC.
A proposed set-off of TdC’s share premium account against the accumulated losses of TdC.
A proposed share consolidation of over 2.53bn ordinary shares of MYR 0.10 (after the proposed capital restructuring) into 506,155,000 TdC shares, which would be done on the basis of five ordinary shares of MYR 0.10 each in TdC into one ordinary share of MYR 0.50 each in TdC.
TdC hopes the acquisitions will boost its efforts to become a regional telco player.
In an earlier announcement on November 15, the CIMB Investment Bank Berhad announced that TdC would pay MYR128m (US$40.69m) for the Aims Group, a local network data centre. It would also pay MYR106m (US$33.70m) for Global Transit Communications, a wholesale internet service and backhaul provider, MYR105m (US$33.38m) for Global Transit.
