TM completes Spice deal

8 Jun 2006

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

India, Spice Communications, Telekom Malaysia