Time DotCom (Time) has obtained the Malaysian Communications and Multimedia Commission’s (MCMC’s) approval for the transfer of its 3G spectrum to DiGi.Com according to online news service The Business Edge. However, approval comes with the condition that Time must pay for the penalty imposed as a result of its previous non-compliance with its detailed business plan. In a statement, Time said it would be appealing to the MCMC in respect of the stipulation.
Under a proposed tie-up between Time and DiGi announced last November, Time will receive 27.5 million new DiGi shares in return for the 3G spectrum. While DiGi will be required to comply with Time’s detailed business plan, it will be permitted to submit variations to the MCMC. ‘We welcome the approval by MCMC and look forward to proceed with our business plan for mobile broadband once all other approvals are obtained,’ DiGi chief executive officer Morten Lundal said.