TM Completes Investment Into P1

Telekom Malaysia Berhad (TM) is pleased to announce the completion of the Investment Agreement for its partnership with Green Packet Berhad (Green Packet) and SK Telecom Co., Ltd (SK Telecom) for the three parties to share in the ownership and collaborate in the future growth of Packet One Networks (Malaysia) Sdn Bhd (P1), Malaysia’s leading WiMAX wireless provider. Applicable approvals, including from the relevant regulatory bodies and Green Packet shareholders have been duly obtained.

Following the completion, TM emerges as the new holding company for P1 with a shareholding of 55.3%; and the remaining 44.7% is shared between Green Packet (31.1%) and SK Telecom (13.6%).

The partnership  drives  strong  synergies  from  the three  (3) complementary  partners  to work together  to  capitalise  on  a  viable  mobile  opportunity  and  deliver  the  next  generation  of converged communication services. It essentially enables P1 to crossover to LTE and offer full mobility while providing TM with an LTE-ready platform to accelerate and more efficiently make wireless  broadband  products  available  to  its  customers.  This  includes  access  to  suitable spectrum bands, the ability to draw on advanced technological  knowhow of SK Telecom, an existing customer base to build on, and the strong base of LTE upgradeable WiMAX sites to quickly achieve extensive LTE coverage.

TM sees the provision of mobility solutions to customers as a natural progression in line with industry evolution towards true convergence, not just from a technology or device perspective, but more importantly from a customer experience point of view, in the delivery of end-to-end broadband  and  data  services.  Its  investment  into  P1  and  the  recent  launch  of  its  first  4G broadband offering, TMgo are part of TM’s roadmap towards becoming the No. 1 converged communications service provider. It is also in line with TM’s vision of being an “Information and Innovation exchange” and will further bolster its position as Malaysia’s broadband champion.

The partners, together with P1, are currently developing a joint business plan and strategies for the realisation of partnership synergies. At the same time, the partners are conducting an operational review to further optimise operations for P1’s future business. Product development and commercial plans are also under discussion.

TM  will  play  an  active  role  in  the  management  and  direction  of  P1  through  its  strong representation at the board level. As the holding company, it also has nomination rights for key management  positions.  P1’s new board  and management  line-up  will be announced  in due course.

Comments

Have something to say? Leave a comment



Leave a Reply




Other articles you should have read: