Telekom extends MOU with TT dotCom by two months

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KUALA LUMPUR (June 3): Telekom Malaysia Bhd announced that it has agreed with Time dotCom Bhd’s subsidiary TT dotCom Sdn Bhd to extend the Memorandum of Understanding (MOU) that both parties have signed by two months.

In a filing to Bursa Malaysia today, Telekom explained that the extension is to finalise and execute the Construction and Maintenance Agreement on or before 2 August 2015, or another date that is mutually agreed by both parties in writing.

It added that all provisions contained in the MOU will remain in full force and effect.

Telekom (fundamental: 1; valuation: 1.1) had announced on March 3 that an MOU was signed with TT dotCom to develop and construct a new submarine cable system named "Sistem Kabel Rakyat 1 Malaysia" (SKR1M).

Telekom shares closed 0.29% or two sen lower at RM6.98 and saw 11.98 million shares traded today.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)