Time dotCom acquires 49% stake in Thailand’s Symphony for RM280mil

Afzal Abdul Rahim, Chief Executive Officer - TIME dotComBerhad

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

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

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

Time dotCom, 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 approximately one 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 Symphony’s nationwide fibre optic network and launch new products and services.

Time dotCom commander-in-chief Afzal Abdul Rahim (pic) 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 groups future growth and performance,” he added.

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