Time dotCom, DiGi affirm tie-up
Joint steering panel to strengthen core business areas
KUALA LUMPUR, 25 January 2008: TIME dotCom Berhad (TdC) and DiGi.Com Berhad (DiGi) signed today a Definitive Agreement to strengthen their respective core businesses.
They affirm the scope of collaboration across several service categories and infrastructure as outlined in the Heads of Agreement of 14 November 2007.
With the definitive agreement signed, both companies can now submit the relevant formal application for the various regulatory approvals, including the transfer of 3G spectrum with all its rights and benefits from TdC to DiGi, and DiGi's 27.5 million new consideration shares.
A joint steering committee and various working groups will be set up to execute the proposed areas of collaboration, including identifying and developing additional areas of cooperation.
The areas of collaboration already identified include:
TdC Chairman Dato' Wan Muhamad Wan Ibrahim and DiGi Chief Executive Officer Morten Lundal signed for their respective companies, witnessed by Minister of Energy, Water and Communications Y.B. Dato' Seri Dr Lim Keng Yaik.
Dato' Wan Muhamad said, "The strategic alliance is a welcome commitment to move TdC forward. It gives us the opportunity to focus on our core business and concentrate on delivering the best services and products to our customers.
"More importantly, this alliance enables us to optimise infrastructure investments made by both parties while at the same time strengthening our position in the market – DiGi as a formidable player in the mobile market and TIME dotCom as a major player in the provisioning of broadband and fibre services."
Morten Lundal added, "In the short period of working towards the definitive agreement we found a strong desire by both sides to create even better telecommunication solutions for the consumer. For DiGi, this will enable us to offer competitive broadband services with high quality at better value and further enhance our network capacity."
The agreement is subject to shareholders' approval of both companies which will be tabled at their respective Extraordinary General Meetings at a later date.
DiGi is Malaysia's fastest growing mobile operator driving innovations, simplicity and best value to enrich lifestyles through DiGi Prepaid, DiGi Postpaid and DiGi Business.
Corporate Communications Department