PETALING JAYA: Khazanah Nasional Bhd’s associate, Pulau Kapas Ventures Sdn Bhd (PKV), has announced the strategic divestment of its indirect stake in TIME dotCom Bhd.
In a statement today, the sovereign wealth fund said PKV, an investment vehicle controlled by Global Transit International Sdn Bhd (GTI) in partnership with Khazanah, has completed a placement of 67.5 million TIME shares, representing 3.7% of TIME’s total outstanding shares.
TIME is a telecommunications provider specialising in domestic and international connectivity, data centre, cloud and managed services solutions catered to the retail, enterprise and wholesale markets.
GTI is an investment holding company focusing on telecommunications and related businesses. The company is controlled by Afzal Abdul Rahim, who is also the CEO of TIME.
Following the placement exercise, PKV’s stake in TIME would be reduced to 25.1% from 28.8% previously. All proceeds from this placement exercise will accrue to Khazanah.
Khazanah added that GTI’s stake in PKV would also increase following the exercise, reflecting its commitment to TIME’s long-term growth.
Khazanah managing director Amirul Feisal Wan Zahir said the 15-year partnership with GTI is a successful example of Khazanah’s role in supporting and developing our local entrepreneurs, in line with its mandate.
He pointed out that TIME has exhibited robust growth since the partnership between Khazanah and GTI began in 2008, having recently achieved a market capitalisation exceeding RM10 billion for the first time in February 2023.
“With this, the monetisation exercise has come at the right time given TIME’s commendable share price performance and returns following the successful partnership.
“As we close this chapter of our partnership with GTI through PKV, we embark on a new one and will remain supportive of GTI as their journey continues with TIME,” he added.
At market close today, TIME’s share price was down by five sen (0.92%) at RM5.38, giving it a market capitalisation of RM9.94 billion.
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