TIME to lower stake
TIME dotCom (TdC) has sold a 2.99% stake in Malaysian mobile operator DiGi Telecommunications via a 22.5 million share divestment for US$129.2m.
TdC's interest in the company now stands at 7.1%.
The stake was divested through TdC subsidiary Hakikat Pasti.
In a filing to the Malaysian bourse, TdC said the disposal would enable the group to raise funds in order to reduce borrowings, which were taken to finance investments in securities.
However, TdC said it would remain a substantial shareholder in DiGi.
Earlier this month, DiGi's chief executive, Johan Dennelind, stipulated that US$364m would be spent on capex, with 30% going on 3G investment.
