Telekom-Green Packet: The weird world of Malaysian telco

Remember years ago when Telekom Malaysia (TM) had TM Touch? They were going nowhere and for TM to have a significant mobile business and successful one, the forced (sort of) purchase was planned. After the purchase of Celcom from Tajuddin Ramli, years later it was split again, presumably for Celcom and its mobile business to have a solid Asian strategy, hence Axiata.

TM on the other hand, was given a lot of handouts in the form of financial assistance for its fiber broadband rollout - to the tune of multi billions. With that handout, few would think that TM can fail. In fact when Celcom and other mobile businesses were split from TM, these mobile group was structured to owe TM something like RM4 billion, another assistance to TM.

TM should not and cannot fail, just like MAS. The difference between MAS and TM is that MAS is fighting globally competitive players. TM is given a headstart in any of the competition it goes into, something like standing on the 50 meters mark in a 100m race while the rest will have to start from the beginning.

Who will think TM will succeed in the mobile data business acquiring Green Packet? I don't.

In a standing start against players like Maxis, Celcom, Digi - it will pretty much lose, what more coming from behind although it has the backbone of fiber optics - something that the others lose out to TM.

In a business of telco, it is not just the infra. Tell that to Digi, which does lose out in infra - even for the LTE spectrum and it did not even have the 3G spectrum earlier - forced to a deal with Time Dotcom.

This deal does not help anybody but to postpone the demise of Green Packet while another player whom are not able turnaround anybody is thinking that it can. SK Telekom's name is just a convenient partner to bring the story line sounds better. After all, it has been with Green Packet for many years and nothing really happened.

马电讯3.5亿购P1 57%股权

财经 2014年3月27日

    

 

在 通讯及多媒体部部长拿督斯里阿末沙比里（左3），与马电讯主席拿督斯里哈林沙菲宜博士（左4）的见证下，完成签约仪式并相互交换合约，左起为韩国SK电讯 执行副总裁兼企业发展部首席发展员朴正浩、詹占再拉尼、潘振祥、Packet One Networks（马）有限公司主席舒克卡里姆。

（吉 隆坡27日讯）马电讯（TM，4863，主板贸服股）宣布以3亿5000万令吉，购入绿驶通讯科技（GPACKET，0082，主板科技股）子公司 Packet One Networks私人有限公司（P1）57%股权，並將与韩国SK Telecom及绿驶通讯科技联手发展新一代的4G长期演进技术（LTE）基建项目。

马电讯將通过子公司Mobikom，与SK Telecom及Packet One私人有限公司签署投资协议，认购Packet One旗下55%子公司Packet One Networks（P1）的新股，最终將持有P157%股权，总成交价是3亿5000万令吉，不过，並未透露每单位收购价及所收购的股票数额。

签署这项股权收购协议的同时，马电讯也和绿驶通讯科技签署一项认购协议，认购由绿驶通讯科技发出的8年期限可赎回可转换有抵押债券，为绿驶通讯科技集资2亿1000万令吉。根据债券条款，这项可赎回可转换债券，可以被转换成Packet One所持有的P1股票。

另外，Mobikom，Packet One，SK Telecom及P1也签署另一项认购协议，认购由P1发出的8年期，总值16亿5000万令吉的可赎回可转换无抵押债券。

Mobikom，Packet One及SK Telecom也將和P1签署多项营运及业务合作协议，以擬定合作的范围，包括基建、输送网络及分销管道、租赁频谱、提供諮询及技术服务、產品及服务等其他方面。

马电讯首席执行员拿督斯里詹占再拉尼於今日的签约仪式后，对记者表示，此项协议的目的是加强P1，作为大马WiMAX宽频服务供应商领跑者的地位。

另外，此项协议將建立三家公司的伙伴关係，以合作发展P1的未来。而所投资的资金，將通过公司內部融资。

联手发展LTE

詹占透露，此项投资活动符合马电讯成为「资讯交换」，以及通过扩展至移动宽频领域，成为大马宽频领导者的目標。

此 联营投资项目，共投入16亿5000万令吉，目前P1拥有2.3Ghz频谱下的30MHz及2.6Ghz频谱的20Mhz，通过其频谱资產、现有的无线服 务平台及网络，接近2000个发讯站、及有经验管理与组织，將加快其进入长期演进服务领域。另外，目前P1负债水平为4亿令吉。

绿驶通讯科技董事经理兼首席执行员潘振祥表示，此项联营是一项长期投资，需时至少3至5年，將提升P1的2.3Ghz频谱及2.6Ghz频谱的4G长期演进技术网络容量。

马电讯推股息再投资计划

在 Mobikom收购P1之前，绿驶通讯科技將以3000万令吉向P1原有的少数股权股东购回他们所持有的45万股P1股票，这些股东包括Dutamas Equity私人有限公司，Dutamas Regal私人有限公司，Akar Amanjaya私人有限公司及Megan Sinar私人有限公司。

完成收购之后，Mobikom,Packet One及SK Telecom在P1的持股预计將是57%，30%及13%。

另一方面，马电讯今日也宣布进行股息再投资计划（DRS），该公司表示，这项计划是让股东可以选择將股息重新投资在公司的股票，而所筹集的资金將作为营运资本及投资至其子公司。同时，此股息再投资计划，將可扩大该公司的股本，並且加强其资本状况。

马电讯及绿驶通讯科技今日双双暂停交易宣布这项合作计划，並將在週五（28日）恢復具交易。