- TIME to invest up to RM280m in Thai telco services provider Symphony
- Investment part of regionalisation strategy that will see it invest in telecom and data centre businesses across Asean
- Symphony would be the Group’s second investment in Thailand
Shah Alam, 8 March 2017 – TIME dotCom Berhad plans to invest up to 2.2 billion baht (about RM280 million) in a stake of up to 49% with Thailand’s fixed-line telecommunication service provider Symphony Communication PLC.
The investment would be accomplished in two phases.
TIME would acquire shares at THB 12.20 per share from existing shareholders through a Partial Voluntary Tender Offer for 37% of the shares outstanding.
In the second phase, following completion of the PVTO, TIME would participate in a Rights Offering approximately THB 1.0 billion to be launched by Symphony and priced at up to THB 8.80 per share.
The overall transaction is expected to be completed in the fourth quarter of 2017.
TIME has received a statement of support from existing shareholders of Symphony who hold approximately 47% of the shares.
Afzal Abdul Rahim, TIME’s Commander-in-Chief said TIME has long been an admirer of Symphony’s success.
He said TIME’s investment in Symphony is part of its regionalisation strategy that will see it invest in telecom and data centre businesses across ASEAN.
“We have always maintained that ASEAN has huge potential,” Afzal said in a statement yesterday, adding that TIME expects its investments in the region to enhance the Group’s future growth and performance..
Symphony President, Teerarat Pantarasutra, meanwhile, said the company looks forward to learning from TIME’s experience in other markets and to their help in launching new market segments and products in Thailand.
The funds raised in the RO will be used to expand and strengthen Symphony’s nationwide fibre optic network and launch new products and services.
Symphony would be the Group’s second investment in Thailand, following the acquisition of a stake in KIRZ Company Limited in 2015.
TIME also currently holds a 45.27% stake in CMC Telecommunications Infrastructure Corporation, a network and data centre operator in Vietnam, and is nearing roll-out completion of its pan-island fibre optic network in Singapore.
