KUALA LUMPUR: Telekom Malaysia Bhd (TM) said it had completed the investment in wireless network player Packet One Networks (M) Sdn Bhd (P1), together with Green Packet Bhd and SK Telecom Co Ltd.

It is now the largest shareholder of P1 with a 55.3% stake, and a substantial shareholder of Green Packet and SK Telekom with 31.1% and 13.6% stakes respectively.

“It (the investment) essentially enables P1 to crossover to LTE (long-term evolution) 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,” TM said in a statement yesterday.

TM said the partners — together with P1 — are currently developing a joint business plan and strategies, including product development and commercial plans.

“TM will play an active role in the management and direction of P1, through its strong representation at the board level,” it said, adding that P1’s new board and management line-up will be announced in due course. TM invested RM560 million in P1, of which RM350 million was for new shares’ subscription in P1 and  Green Packet via newly-issued exchangeable bonds, which may be exchanged for Green Packet’s stake in P1 in the future.


This article first appeared in The Edge Financial Daily, on October 1, 2014.