U Mobile and STT ready to ink strategic partnership agreement

Malaysian mobile operator U Mobile is preparing to sign a strategic partnership agreement with Singapore Technologies Telemedia (STT) next week, The Star Online claims. It is believed that the deal between the two companies will include a stake sale by U Mobile’s major shareholder, businessman Tan Sri Vincent Tan, the president of the Berjaya Group; according to TeleGeography’s GlobalComms Database, reports last month suggested that Tan had agreed to divest a 33% stake in U Mobile to STT in a deal worth approximately MYR626 million (USD188.4 million). U Mobile in an advisory notice issued on 11 March 2010 confirmed that there would be an agreement signing ceremony on 15 March, but did not issue any details of the terms of the deal.