TIME plans further strategic investment in Thailand
By Digital News Asia March 8, 2017
- Investment would be worth approximately US$62.64 million
- Overall transaction is expected to be completed in 4Q 2017
TIME dotCom Bhd announced on March 7 that it has submitted a strategic investment proposal to the Board of Directors of Symphony Communication Public Company Limited, a publicly listed fixed-line telecommunication service provider in Thailand.
TIME’s investment, which is subject to receiving relevant shareholder and regulatory approvals, would be up to THB 2.2 billion (approximately US$62.64 million) and would provide TIME with a shareholding of up to 49% in Symphony.
TIME has received a statement of support from existing shareholders of Symphony who hold approximately 47% of the shares.
The investment would be accomplished in two phases. In the first, TIME would acquire shares at THB12.20 per share from existing shareholders through a partial voluntary tender offer for 37% (THB1.468 billion) of the shares outstanding.
In the second phase, following completion of the PVTO, TIME would participate in a rights offering (RO) of approximately THB1 billion to be launched by Symphony and priced at up to THB8.80 per share. The overall transaction is expected to be completed in the fourth quarter of 2017.
TIME commander-in-chief Afzal Abdul Rahim commented that “TIME has long been an admirer of Symphony’s success and we are delighted to now be able to cement our partnership by proposing this strategic investment.
“We are very encouraged by the potential of the Thai market, especially given the launch of the Digital Economy Masterplan and the development of the Asean Economic Community, and look forward to working with the team at Symphony to grow the company to the next level.”
“The Board of Symphony is excited to have received this proposal from TIME,” commented Symphony president Teerarat Pantarasutra.
“We look forward to learning from TIME’s experience in other markets and to their help in launching new market segments and products in Thailand”.
The funds raised in the RO will be used to expand and strengthen Symphony’s nationwide fibre optic network and launch new products and services.
Separately, the Malaysia-Cambodia-Thailand submarine cable system, of which Symphony is a founding consortium member, is expected to enter service within the coming months.
TIME Asean CEO Chris Wilson commented that “Symphony’s terrestrial and subsea network assets will integrate seamlessly with our own network and help to realise TIME’s vision of building a strong, unified, pan-Asean network to support the needs of customers across the region.”
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