TMCnet News
TM seals P1 deal with Green Packet, SK Telecom [New Straits Time (Malaysia)](New Straits Time (Malaysia) Via Acquire Media NewsEdge) KUALA LUMPUR: Telekom Malaysia Bhd (TM) said yesterday it had completed the investment partnership agreement with Green Packet Bhd and SK Telecom Co Ltd to share ownership of Packet One Networks (Malaysia) Sdn Bhd (P1). The deal gives TM a 55.3 per cent stake in WiMAX wireless provider P1, leaving the remaining 44.7 per cent to be shared between Green Packet (31.1 per cent) and SK Telecom (13.6 per cent). The companies are now in the midst of hammering out a joint business plan and strategies to ride on the synergies offered up by the three-way partnership. TM said the partnership will allow it to offer converged communications services as the P1 crossover will enable the three companies to move into LTE (Long-Term Evolution) mobility services and the local telecomunications giant, in particular, will be able to make its wireless broadband services available to more customers. "This gives us access to suitable spectrum bands, the ability to draw on the advanced technological know-how of SK Telecom, an existing customer base to build on, and the strong base of LTE upgradeable WiMAX sites to quickly achieve extensive LTE coverage," TM said in a statement. The Malaysian telecommunications giant said its investments into P1 and the recent launch of its 4G broadband service (TMgo) fed into its ambition to become the leading converged communications service provider. TM said it will play an active role in the management and direction of P1 through a strong representation at the board level and that, as the holding company, it has nomination rights for key management positions. P1's new board and management line-up will be announced later, it added. (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |