TIME to invest up to RM280m in Thailand's Symphony

PETALING JAYA: TIME dotCom Bhd plans to invest up to 2.2 billion baht (about RM280 million) in a stake of up to 49% in Symphony Communication PLC, which is listed on the Thailand Stock Exchange.
Symphony is a fixed-line telecommunication service provider in Thailand.
TIME told Bursa Malaysia that it will take part in a conditional partial voluntary tender offer (PVTO) and a rights offering in Symphony.
TIME plans to acquire shares at 12.20 baht per share from existing shareholders via a PVTO for 37% (1.468 billion baht) of the shares outstanding. Following the completion of the PVTO, it will subscribe to a 1 billion baht rights offering to be launched by Symphony and priced at up to 8.80 baht per share. The overall transaction is expected to be completed in the fourth quarter of this year.
TIME said it has received a statement of support from existing shareholders of Symphony, who hold about 47% of the shares. The funds raised in the rights offering will be used to expand and strengthen Symphony’s nationwide fibre optic network and launch new products and services.

Symphony is a founding consortium member of the Malaysia-Cambodia-Thailand submarine cable system, which is expected to enter service within the coming months and TIME’s investment in Symphony is part of its regionalisation strategy.