Telekom Malaysia to increase its share in M1 and XL
Telekom Malaysia Bhd (TM) yesterday proposed to buy shares in Singapore’s Mobile One (M1) and Indonesia’s PT Excelmindo Pratama (XL) from Khazanah Nasional Bhd for RM1.58billion. The acquisition of the shares in M1, through buying outright the holding company called SunShare Investment that holds a 29.7% block in M1, would allow TM to strengthen its footprint in Singapore.
TM said in a statement the acquisition of shares in XL would see ownership in XL rise from 66.99% to 83.80%. Given XL’s revenue growth rate, the deal would boost TM International group’s earnings per share in the near term and enhance its growth profile.
Source: the star
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