KUALA LUMPUR: Green Packet Bhd (GPB) shareholders have approved the proposed Packet One Networks (M) Sdn Bhd’s (P1) investment agreement between GPB, Telekom Malaysia Bhd and SK Telekom Co Ltd.
In a statement today, GPP said the company’s extraordinary general meeting met and passed the proposed agreement today.
GPP said the investment agreement to jointly invest in P1 was set for completion within third quarter this year.
On March 27, 2014 an announcement was made that TM would acquire a 57 per cent stake in P1 for RM350 million to enable the company to deliver converged communications services, it said.
At completion, TM would initially invest up to RM560 million, of which RM350 million would be invested into P1 via the subscription of ordinary shares and RM210 million would be invested into GPB via newly-issued exchangeable bonds, which may be exchanged for GPB’s stake in P1 in the future, it said.
“The strategic partners are expected to invest a further RM1.65 billion for P1’s Long Term Evolution (LTE) roll-out and operations over the next few years,” it said.
GPB’s group managing director, Puan Chan Cheong, said the strong shareholder support received today at the extraordinary meeting set a clear path for P1 to grow to its fullest potential and realise its future business plan and LTE transition.
“Green Packet will benefit from P1’s direct entry into the mobile market which instantaneously grows P1’s addressable market size to RM34.5 billion, a four times growth,” Puan said. – Bernama