TIME dotCom sells payphone subsidiary

Malaysia’s Business Times is reporting that TIME dotCom (TIME) is to sell its payphone subsidiary TIME Reach, divesting its stake to local pre-paid fixed line telco Paycomm for MYR8.3 million (USD2.29 million). The sale is expected to be completed by the end of February 2009. The move comes as TIME looks to focus on its more profitable operations, which include subsidiaries TT dotCom, which offers voice, data and video communications, and TIME dotNet, which offers internet services. TIME’s chief executive officer, Afzal Abdul Rahim, commented, ‘We are highly committed and are in the midst of identifying several recovery programmes with an objective of returning TIME to profitability in the long term. TIME Reach will be the only asset divestment made by TIME in the near future and recovery of the group will mainly focus on strengthening our operational capabilities, improving competitiveness as well as cost management.’