Wednesday, 24 December 2008

Celcom to purchase equity stake in Tune Talk – Malaysia

Celcom Bhd, a subsidiary of TM International Bhd (TMI), has announced its plan to subscribe to 2.625 million shares in Tune Talk Sdn Bhd. The company has entered into a subscription and shareholders’ agreement with Tune Ventures Sdn Bhd, Tune Strategic Investment Ltd. and Tune Talk. Celcom, in a filing with Bursa Malaysia (Malaysian Stock Exchange), and also stated that the subscription to shares will be funded from the internal capital of the company.

Tune Talk Sdn Bhd is planning to launch its MVNO service in Malaysia, and investment in Tune Talk will enable Celcom to have an equity and management participation in the MVNO business.