TM strikes deal with Packet One (Update 2)

KUALA LUMPUR: Telekom Malaysia Bhd (TM) has entered into an agreement with Green Packet Bhd (GP) and SK Telecom Co Ltd to collaborate on developing a next-generation LTE infrastructure to offer customers a full-suite of converged communications services.

As part of the deal, TM is investing RM350mil into Packet One Networks (Malaysia) Sdn Bhd (P1) via the subscription of new shares that will see TM emerging as a 57% shareholder in P1. In addition, TM will invest up to RM210mil into Green Packet via newly issued redeemable exchangeable bonds, which may be exchanged into Green Packet’s stake in P1 in the future.