Telekom Malaysia increases P1 holding via share subscription

Telekom Malaysia has increased its stake in local wireless broadband provider Packet One Networks (P1), according to The Star Online, citing a filing made by TM to Bursa Malaysia. The Malaysian fixed line incumbent increased its shareholding via its Mobikom unit, with the latter receiving 10.675 million new P1 shares following the early conversion of MYR410.3 million (USD99 million) of the medium term notes it had subscribed to last September. In addition, TM noted that P1 had issued 133,726 new shares to Mobikom due to net debt adjustment in accordance to the terms of the investment agreement signed with Green Packet and South Korea’s SK Telecom back in March 2014. As a result, TM now has a 72.9% stake in P1, up from 55.3%, with remainder of the wireless broadband provider’s shares held by Green Packet (18.9%) and SKT (8.2%).