Malaysia’s fibre-optic capacity provider Time dotCom (TdC) has received minority shareholders approval to acquire three local telecom companies.
TdC first announced its intention to buy the telcos in November last year. It will pay MR119m (US$37.5m)…
Malaysia’s fibre-optic capacity provider Time dotCom (TdC) has received minority shareholders approval to acquire three local telecom companies.
TdC first announced its intention to buy the telcos in November last year. It will pay MR119m (US$37.5m) for the Aims Group, a local network data centre. It will also invest MR102m (US$32m) in Global Transit Communications, a wholesale internet service and backhaul provider, and MR101m (US$31.8m) in Global Transit Limited.
TdC expects the acquisitions to boost its efforts to become a regional telco player.
In a statement, the company said: “This will see Time moving up the telco value chain, giving it access and the capability to serve a multi-billion dollar market comprising the growing Indo-China, ASEAN and North Asian market where more than half of the world’s population resides and Internet demand is increasing.”
TdC will finance the acquisitions with share issues, cash and loans granted by CIMB Bank.
The deal is expected to be completed by early 2012.
