Paycomm completes TIME Reach acquisition, targets 150,000 subscribers by end-2009

Malaysia’s Paycomm plans to reach the 150,000 subscriber mark for its pre-paid fixed line payphone services by the end of 2009, The Star Online reports. The announcement followed the completion of the deal between Paycomm and TIME dotCom (TdC) that saw the former acquire the TIME Reach subsidiary for MYR8.3 million (USD2.3 million). According to TeleGeography’s GlobalComms database, the sale was announced in December 2008, after TdC revealed it was exiting the payphone sector. Under the deal Paycomm will take over TIME Reach’s entire assets and liabilities, including 26 branch offices and six regional offices, and will also inherit TIME Reach’s existing network of over 30,000 fixed line payphones. Paycomm has also said it will rename its new acquisition to Paycomm Network and it plans to invest MYR50 million in the payphone subsidiary.