SHAREHOLDERS of TIME Dotcom Bhd approved yesterday a capital repayment through reducing the share premium reserves by RM379.6mil on the basis of 15 sen cash for every existing ordinary share of RM1 each.
Chairman Datuk Wan Muhamad Wan Ibrahim told the EGM in Kuala Lumpur that the group had a capital base in excess of its operating and financial requirement, and it was returning part of the investments to the shareholders.
On other matters, managing director Tan See Yin said the company was working towards expanding its wireless broadband Internet (Webbit) service to the rest of the Klang Valley area in stages beginning next year.
“Eventually, Webbit will be made available in major city centres throughout Peninsular Malaysia,” he added.
The company launched Webbit in April in Petaling Jaya, and has since signed up 1,200 subscribers so far.
Webbit utilises state-of-the-art digital wireless broadband network to deliver speeds of up to 512 kilobits per second (kbps) with instant connection.
Tan said the company had installed 10 tower bases in Petaling Jaya and would be adding more in the Klang Valley.
Each tower base costs about RM800,000 to install.