TM to redeploy savings of HSBB to HSBB2 trust account

The new logo at menara telekom is offical unveiling on thusday.

KUALA LUMPUR: Telekom Malaysia Bhd (TM) will redeploy any amount due to the government, in the form of cost savings and fixed revenue, from the High-Speed Broadband (HSBB) projects and deposit them into High-Speed Broadband 2 (HSBB2) trust account.

TM, in a filing with Bursa Malaysia on Tuesday, said it would also repurpose the balance of the allocated funds for the setting up of telecentres to other initiatives that are mutually agreed by TM and the Government.

“This is among the salient terms of a supplementary agreement that we signed today (Tuesday) with regards to the HSBB.

“The initial 10 years agreement between TM and the Government for the HSBB project was signed on Sept 16, 2008.

“Other terms of the supplementary agreement is the further deployment of premises passed above the agreed target for the remaining duration of the project year,” it said.

As at Dec 31, 2016, a total of 1,949,144 premises passed have been deployed compared with the target of 1,335,544.

“The supplementary agreement will not have any material effect on the earnings and net assets per share of the company for the financial year ending Dec 31, 2017,” it said. - Bernama