MCMC approves TIME dotCom's 3G transfer to DiGi

The Malaysian Communications and Multimedia Commission (MCMC) has approved the transfer of TIME dotCom’s 3G licence to DiGi.Com. According to TeleGeography’s GlobalComms database, in November 2007 TIME agreed to sell its 3G concession and frequencies for 27.5 million new DiGi shares, equivalent to a 3.5% stake in the company. As part of the deal TIME was also invited to take part in the placement of 76.5 million DiGi shares (or 10.2% of the company), necessary for Telenor to lower its stake in the company to 49%, in compliance with foreign ownership regulations. TIME subsidiary Hakikat Pasti acquired over 50 million of the shares (6.46% of the company), raising TIME’s equity participation to around 10%. As part of the agreement DiGi agreed to review its international and domestic infrastructure agreements with TIME, so that it will spend between MYR10 million and MYR15 million a year with the telco for a three-year period. DiGi also promised to explore ways to share its telecoms base stations with TIME for the purposes of TIME’s proposed broadband WiMAX network. DiGi has said it hopes to launch 3G services by mid-2008.