Home Malaysia Broadband Telekom Malaysia Telekom Malaysia (TM) now owns 72.9% of Packet One Networks (P1)

Telekom Malaysia (TM) now owns 72.9% of Packet One Networks (P1)

In stock exchange filing yesterday, the country’s largest fixed-broadband telecommunications provider, Telekom Malaysia Bhd’s (TM) said that its wholly-owned subsidiary Mobikom, now owns 72.9% of Packet One Networks (Malaysia) Sdn Bhd (P1).


TM invested in P1 back in October 2014 with a shareholding of 55.3%; and the remaining 44.7% is shared between Green Packet (31.1%) and SK Telecom (13.6%).


With the latest announcement, TM said it had received 10.67 million new P1 shares (via Mobikom), after the early conversion of the subscribed convertible medium-term notes (CMTN) issued by P1. TM now owns 10.81 million P1 shares.

Due to the larger share base, Green Packet’s stake in P1 is now reduced to 18.9%, while Korea-based SK Telecom Co Ltd’s holding fell to 8.2%.

TM announcement to Bursa Malaysia as below:

[box type=”info” align=”aligncenter” ]We refer to the announcements dated 27 March 2014, 30 September 2014 and 17 September 2015 in relation to the investment in Packet One Networks (Malaysia) Sdn Bhd (“P1”) (“Announcements”). Unless otherwise stated, the definitions used herein shall have the same meanings as set out in the Announcements.

TM wishes to announce that its wholly owned subsidiary, Mobikom Sdn Bhd (“Mobikom”) had received 10,674,640 new P1 Shares pursuant to the early conversion of the Convertible Medium Term Notes subscribed by Mobikom on 15 September 2015 under the CMTN Programme issued by P1.

In addition, P1 has issued 133,726 new P1 Shares to Mobikom due to net debt adjustment in accordance to the terms of the Investment Agreement dated 27 March 2014.

Pursuant to the additional 10,808,366 new P1 Shares issued by P1 to Mobikom, TM’s (via Mobikom) shareholding in the ordinary equity of P1 has increased from 55.3% to 72.9%, while the balance are currently held by Green Packet Berhad (via its wholly owned subsidiary, Packet One Sdn Bhd) and SK Telecom Co., Ltd at 18.9% and 8.2% respectively.

None of the Directors and major shareholders of TM and/ or persons connected to them have any interest, direct or indirect, in the investment in P1.

This announcement is dated 11 February 2016.[/box]

P1 is a wireless broadband service provider currently offering its service using WiMAX technology via the 2.3Ghz band. It will soon offer 4G LTE service via the 2.6Ghz and 850Mhz (currently offered as TMgo).

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