TIME Engineering lessens stake in TdC

Malaysia’s TIME Engineering has announced the disposal of 32.2 million shares, or around 1.27% of the paid-up share capital, in local alternative telco TIME dotCom (TdC). According to the Star Online, TIME Engineering raised around MYR18.9 million (USD5.92 million) from the sale, with the seller noting that the stake was part of the TdC shares it held that had been pledged to Bank Pembangunan Malaysia as security for the 712.5 million redeemable secured loan stocks. Following the sale TIME Engineering’s holding in TdC had fallen to 25.83%.