TIME dotCom gets nod for capital repayment


  • Business
  • Thursday, 02 Sep 2004

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. 

(From left): Tan See Yin, Datuk Wan Muhamd Wan Ibrahim and senior vice-president/chief financial officer (finance and corporate services) Eric Cheng at the TimedotCom EGN.- China Press Pic

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. 

 TIMECOM :  [Stock Watch]  [News]

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

AmBank Islamic wins three at Global Banking & Finance Awards 2021
Indonesia clings to coal despite green vision for economy
Oil down on stronger greenback, rising U.S. rig count
Moody's: Islamic banks' retail finance focus helps weather pandemic
CIMB Islamic Bank’s rider entrepreneur scheme empowers B40
Maxis appointed telco partner in KLIA's digital transformation
Sime Darby Property reopens sales galleries, projects resume
Asian shares at 1-month low, default fears stalk China Evergrande
Cathay Pacific lowers Q4 capacity forecast as travel restrictions linger
Ringgit leads Asia FX lower; c.banks come into focus

Stories You'll Enjoy


Vouchers