Minority shareholders in Malaysia’s TIME dotCom (TdC) have reportedly approved the telco’s proposed acquisition of three companies with a view to enhancing its position as a regional telecoms player. According to The Sun Daily. On the back of the shareholder vote, TdC chief executive officer Afzal Abdul Rahim noted: We will now work towards obtaining the required approvals to close the transactions. Thereafter, we will begin the process of integrating these companies to immediately realise the synergies and opportunities expected from this transaction.’ The telco now expects to complete the acquisition of the three telecommunication service companies – AIMS Group, Global Transit Communications (GTC) and Global Transit Ltd (GTL) – for a combined MYR322 million (USD101 million) by early 2012.
As previously reported by CommsUpdate, the purchase of the three operators was first announced back in November 2010. At that date TdC revealed plans to spend MYR128 million for AIMS Group, of which MYR38.4 million would be paid in cash; MYR106 million for GTC, all in stock; and MYR105 million for GTL, with MYR52.5 million of that via cash payments. GTC is a leading regional wholesale internet service and backhaul provider and GTL owns a 10% stake in the trans-Pacific Unity North Cable System, with the holding in the latter expected to allow TdC to lower costs while enhancing its wholesale offerings. AIMS meanwhile is a leading ‘carrier hotel’ (a type of data centre) in Malaysia.