As expected, TM and P1 will be collaborating together to deliver new communications services in Malaysia. Apparently, this partnership will be involving IP-based services via LTE. SK Telecom of Korea is also part of this partnership.
Puan Chan Cheong, the Group of CEO of Green Packet Berhad (P1’s parent company) in his speech has mentioned that this is an “investment agreement” which further confirmed the rumour that we have been hearing for quite sometime.
The official press statement has confirmed that TM is now 57% shareholder in P1 through an initial investment of RM 350 million. That being said, Green Packet and SK Teleko will remain as shareholders in P1. Then again, TM will be investing up to RM 210 million into Green Packet via newly issued redeemable bonds that can be exchanged in the future with Green Packet’s stake in P1.
Puan has also confirmed that once the deal is finalized, P1 will become a subsidiary of TM. Addtionally, Puan has also confirmed that P1 is migrating to LTE and will be phasing out WiMAX in stages soon.
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