TIME shares sold! But not to Telekom Malaysia

5 Dec 2006

TIME Engineering, the parent of Malaysian alternative telecoms operator TIME dotCom, has confirmed that it sold 54.13 million shares in the telco, representing 2.14% of its equity, on the open market between 27 October and 4 December for MYR44.5 million (USD12.5 million). Telekom Malaysia was not among the buyers, however, after it denied press reports that it plans to acquire TIME dotCom. A Telekom Malaysia spokesperson told the Edge Business Daily that such reports were ‘inaccurate and misleading’ and were not attributed to any of its sources.

Malaysia, Telekom Malaysia, TIME dotCom