Telekom Malaysia mulls Spice float

17 May 2006

State-run Telekom Malaysia is considering publicly listing its Indian mobile subsidiary Spice Telecom, possibly before the end of the year. Telekom agreed to pay USD178.8 million to acquire a 49% stake in Spice in March, with a promise to help the cellco restructure its USD215 million debts and expand its service to new regions. It is the single largest shareholder in Spice, giving it the authority to dictate board decisions such as a public listing. ‘We are in discussions on the matter now,’ Abdul Wahid Omar, Telekom’s chief executive, told Associated Press. ‘We are exploring this possibility as it’s in line with our strategy to take companies for listing.’

India, Spice Communications, Telekom Malaysia