Time takes 49% stake in Thai telecommunication firm

New high for Dagang NeXchange Bhd

KUALA LUMPUR: TIME Dotcom Bhd on Tuesday announced its strategic investment plan of about RM280mil (2.2 billion baht) for a shareholding up to 49% in Symphony Communication Public Co Ltd.

Time received a statement of support from existing shareholders of Symphony, which holds approximately 47% of the shares, the company said in a statement.

It said the investment in Thailand’s fixed-line telecommunication service provider, would be accomplished in two phases. 

Time, in the first phase, would acquire shares at 12.20 baht each from existing shareholders through a partial voluntary tender offer (PVTO) for 37% (1.468 billion baht) of the outstanding shares, it said.

In the second phase, it would participate in a rights offering (RO) of about 1.0 billion baht, to be launched by Symphony and priced up to 8.80 baht per share, following completion of the PVTO, it added.

The overall transaction was expected to be completed in the fourth quarter of 2017.

It said the funds raised in the RO would be used to expand and strengthen Symphonys nationwide fibre optic network and launch new products and services.

Time commander-in-chief Afzal Abdul Rahim said the investment in Symphony was part of its regionalisation strategy to invest in telecommunications and data centre businesses across Asean.

“We have always maintained that Asean has huge potential.

“We expect the investments we make in the region to enhance the group’s future growth and performance,” he added.

Symphony president Teerarat Pantarasutra said it looked forward to learning from Time’s experience in other markets and to help launch new market segments and products in Thailand.

Symphony would be the group’s second investment in Thailand, following the acquisition of a stake in KIRZ Company Ltd in 2015.

Time currently holds a 45.27% stake in CMC Telecommunications Infrastructure Corp, a fast expanding network and data centre operator in Vietnam, and is nearing roll-out completion of its pan-island fibre optic network in Singapore. - Bernama