Having acquired a 55.3% stake in Packet One Networks (Malaysia) Sdn Bhd (P1), Telekom Malaysia Bhd (TM) – now the controlling shareholder – and its partners have announced the new P1 board members and the company’s key management line-up.
Green Packet has announced that Tan Kay Yen, aka Kay Tan, has been appointed its chief executive officer, taking over from long-time CEO and founder Puan Chan Cheong (CC Puan), who will lead Packet One Networks (Malaysia) Sdn Bhd (P1) as CEO and managing director.
TM said it has completed its acquisition of a majority stake in Packet One Networks (P1) after getting the necessary approvals from the relevant regulatory bodies and the shareholders of P1 parent company Green Packet.
Telekom Malaysia Bhd (TM), the largest fixed-line phone company in the country, is asking for a two-month extension to obtain the necessary approvals for its acquisition of a majority stake in wireless broadband service provider Packet One Networks (Malaysia) Sdn Bhd (P1).
Telekom Malaysia Bhd (TM), the country’s largest fixed-line operator, has agreed to buy a 57% stake in Packet One Networks Sdn Bhd (P1) for RM350 million (US$106 million), putting an end to rumours that have been percolating for almost two years.
Initially positioned as a disruptor to the incumbent telcos, while making a bet on the once highly touted WiMAX technology as its platform, Green Packet Bhd is now betting its future on the same technology platform as the rest of them -- LTE. And it is swallowing some bitter tablets, notes Karamjit Singh.
Karamjit Singh shines the spolight this week on Green Packet, its fight to stay relevant against the big telco boys, and the cost a change in strategy must entail for determined entrepenuers.
Wireless operator Packet One Networks (P1) has laid off close to 100 workers in a bid to streamline its business operations and increase profitability.
Green Packet Berhad, the parent company of WiMAX broadband services provider P1, reported revenue for fiscal year 2012, which ended Dec 31, had gone up by RM50 million from the previous year to hit RM588.6 million.
Green Packet Bhd reported higher revenue of RM159.8 million in its third financial quarter, a 16% rise from RM138.3 million in quarter-on-quarter comparison. It also registered a better-than-expected RM9.2 million EBITDA in Q3, 114% up from previous quarter’s RM4.3 million.