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Telekom Malaysia Increases Stake in Packet One Networks

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Telekom Malaysia has lifted its stake in local network operator, Packet One Networks to 72.9 percent. Telekom Malaysia already owned a controlling 55.3 percent of the company.

Green Packet saw its stake diluted to 18.9 percent, from 31.1 percent after it declined to participate in a deal to convert some outstanding debt into equity. South Korea-based SK Telecom's holding fell to 8.2%.

Telekom Malaysia initially took a stake in the company in March 2014, in order to gain access to its radio spectrum assets.

P1 owns 30MHz of radio spectrum in the 2.3GHz band, and was one of the eight companies to be awarded with 20MHz of the 2.6GHz spectrum in 2012.

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Tags: telekom malaysia  packet one networks  Malaysia