SingTel to buy stake in Time

SingTel to buy stake in Time

SINGAPORE (AFP): Singapore Telecommunications Ltd. (SingTel)
on Friday announced it had entered into a "non-binding
conditional" agreement to take a strategic stake in Malaysia's
Time Engineering group.

The agreement with Malaysian multi-industry firm Time
Engineering Bhd., and its parent conglomerate Renong Bhd. would
pave the way for SingTel to buy into debt-ridden Time Engineering
and its telecoms unit, TimedotCom Bhd.

The conditional agreement signed by Singapore Telecoms
International Pte. Ltd., a wholly-owned subsidiary of SingTel,
Time Engineering and Renong, identifies Sing Tel as a "strategic
investor."

Under the pact, SingTel will be offered a 14.5 percent stake
or 108.22 million shares in Time Engineering at six ringgit per
share (US$1.57), and the Malaysian firm will offer SingTel a 20
percent stake in the enlarged share capital of TimedotCom and its
Internet service provider business.