Khazanah teams up with GTI to improve TIME dotCOM

8 Oct 2008

Malaysian news source Bernama is reporting that Malaysia’s state investment firm Khazanah Nasional has signed conditional agreements with Global Transit International (GTI) aimed at to enhancing the operational performance of its investee company, TIME dotCOM (TdC). Under the arrangement former GTI CEO Afzal Abdul Rahim will take the vacant CEO position at TdC, while other vacant senior roles, including COO and CFO, at the operator will be taken up by other GTI employees. The new staff will take approximately three months to assess the current operations of TdC and formulate a turnaround strategy.

Additionally, Khazanah will transfer its 30.04% stake in TdC to a separate investment company, Pulau Kapa Ventures (PKVSB), in which the state investment arm will hold a 61.2% stake; GTI will take the remaining 38.8%. If performance targets are met, it is understood that GTI will be given the option to increase its holding in PKVSB to a majority stake.

Malaysia, TIME dotCom