Telekom has completed the investment in wireless network player P1 together with GPacket Bhd and SK Telecom Co Ltd.
Following the completion of its investment, Telekom has emerged as the largest shareholder of P1 with a 55.3% stake with GPacket and SK Telecom holding the remaining 31.1% stake and 13.6% stake.
The three complementary partners will work together to capitalize on a viable mobile opportunity and deliver the next generation of converged communication services via P1.
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.
In realizing partnership synergies, the partners and TM are currently developing a joint business plan and strategies.
At the same time, the partners are conducting an operational review to further optimize operations for P1’s future business. Product development and commercial plans are also under discussion.
Meanwhile, being a holding company, Telekom has nomination rights for key management positions.
TM will play an active role in the management and direction of P1, via its strong representation at the board level.
On the P1 venture, Telekom has invested rm560 million of which rm350 million has been ploughed into P1 via the subscription of new shares, while another rm210 million has been invested into GPacket via newly issued exchangeable bonds, which may be exchanged for Gpacket’s stakes in P1 in the future.
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