TIME shares sold! But not to Telekom Malaysia

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.