Telekom Malaysia Berhad (TM) announced yesterday that it has completed its Investment Agreement for the ownership of Packet One Networks (P1). The agreement, which was announced back in March this year, also covers the collaboration between TM, its two other partners (SK Telecom and Green Packet Berhad) as well as the part they will play in the future growth of P1.
TM is now the holding company for P1 with a shareholding of 55.3% (instead of the previously announced 57%) while its partners Green Packet and SK Telecom take up 31.1% and 13.6% respectively. All approvals from relevant regulatory bodies as well as from the shareholders of Green Packet have also been obtained.
This partnership enables P1 to cross-over from its existing WiMAX into LTE services and at the same time providing TM with an LTE-ready platform. TM can now add wireless broadband to its stable and capitalise on the opportunity that is provided by this segment of the mobile market. SK Telecom will be providing its technical know-how, TM will leverage its strong existing customer base, and P1’s available WiMAX sites that are LTE-upgradeable will all come together to help P1 achieve extensive LTE coverage at an accelerated pace.
With its investment into P1 and the launch of the TMgo 4G broadband offering, TM aims to be the No. 1 converged communications service provider. This is not only from the perspective of technology or device, but also from a customer experience side where TM hopes to deliver an end-to-end broadband and data services.
A joint business plan and strategies are currently being developed by TM and its partners, while at the same time conducting an operational review to further optimise P1’s future business operations. P1’s new board and management line-up will be announced in due time with TM taking a lead in the management and the direction of P1.
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