TM ups stake in P1 to 72.9%

PETALING JAYA: Telekom Malaysia Bhd (TM) via it's unit Mobikom Sdn Bhd has increased its controlling stake in Packet One Networks (Malaysia) Sdn Bhd (P1) to 72.9% from 55.3% through an early conversion of the medium-term notes (CMTN).
In a stock exchange filing yesterday, TM said Mobikom had received 10.67 million new P1 shares following the conversion of the CMTN issued by P1.
"In addition, P1 has issued 133,726 new P1 shares to Mobikom, due to net debt adjustment in accordance to the terms of the investment agreement dated Mar 27, 2014," said TM in the filing.
With the additional 10.81 million new P1 shares, Mobikom's stake in P1 had increased to 72.9% from 55.3% earlier. As a result, Green Packet Bhd's stake in P1 fell to 18.9%, while Korea-based SK Telecom Co Ltd's holding fell to 8.2%.