Telekom, Thai firm tie up

Telekom, Thai firm tie up

BANGKOK (DPA): Telekom Malaysia has agreed to purchase minority stakes in Thailand's Samart Corporation and its mobile phone affiliate Digital Phone for an estimated US$260 million, company sources said yesterday.

The deal, which will give Telekom Malaysia 20-30 percent equity in the two Thai companies, will be signed in Bangkok on Monday in the presence of Malaysia's Telecommunication Minister Leo Moggie and Thailand's Transportation and Communications Minister Suwat Liptapallop, Samart Corp officials confirmed.

"The deal will take advantage of both companies strong points to expand in each other's markets," said a Samart source, requesting anonymity.