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Telekom Malaysia completes 49% stake purchase in Spice Telecom

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BANGALORE: Telekom Malaysia Berhad (TM) today solemnized the acquisition of the 49 per cent stake in Spice Communications Pvt. Ltd. by the exchange of 'completion documents'.

The deputy prime minister of Malaysia, Datuk Seri Najib Tun Razak who is currently heading the trade delegation in India witnessed the exchange of documents. TM was represented by its Group CEO, Dato' Abdul Wahid Omar while Mcorp Global was represented by Dilip Modi, president, Mcorp Global. This formal exchange marks TM's entry into the lucrative Indian telecommunications market of India, which is the fastest growing telecommunications market in the world.

With the competition of this acquisition, TM is now the owner of a 49 per cent equity stake in Spice Telecom. TM secured this critical piece in its regional footprint, through its international investment holding company, TM International SDN BHD. The acquisition was of a total consideration of USD 178.85 million. The remaining 51 per cent equity remains with the existing shareholders Mcorp Global Ltd. and its associates, Mcorp.

Opined Dilip Modi, "Today, both countries are at the forefront of the revolution in Information, Communication and Entertainment (ICE) technologies and have much to offer each other. Together, they could become a powerful force to take Asian companies to an entirely new globally competitive level. I am confident our strategic partnership with TM will create a new synergy and help us in maximizing growth in one of the world's fastest growing markets."

"Spice customers today join TM's global mobile subscriber base of over 20 million. Apart from TM's operational and management experience both in Malaysia and key Asian regional markets, Spice customers stand to benefit from, through the creation and innovation of new products and services, sharing of technological experience and implementation, and the leveraging of group synergies such as in global procurement," Modi further added.

Dato Abdul Wahid Omar described organic growth as the key approach for creating shareholder value in Spice, "TM and its partner, Mcorp will seek to grow Spice to be a market leader in the geographies it operates in."

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