Financial Daily from THE HINDU group of publications
Friday, Jun 09, 2006
Financial Daily from THE HINDU group of publications Friday, Jun 09, 2006 |
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Info-Tech
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Telecommunications Telekom Malaysia keen on expanding Spice network Our Bureau
New Delhi , June 8
Telekom Malaysia Bhd has said it was keen on expanding Spice Telecom's operations in the country but would await clarity on the spectrum policy and other regulatory issues being looked at by the Government. The Malaysian telecom major has completed the acquisition of 49 per cent stake in the Modi-promoted Spice Telecom for $179 million. The first meeting of the newly constituted board of Spice was held on Monday. Speaking to reporters here Mr Abdul Wahid Omar, Group Chief Executive Officer, Malaysia Telekom, said: "We are initially focussing on strengthening Spice's network in the existing two circles. Future roll out will depend on the spectrum policy and regulatory environment. But we are always interested in the Indian market and we will take the opportunities that are there." Mr Omar also said Spice was considering an initial public offering, but the timing and size of the public issue had not been decided. "When we look at the expansion plans of Spice, we look at options to fund the expansion. Apart from entering the debt market, one of the options will be to tap the equity market," Mr Omar said. Telekom Malaysia has three members on the new nine-member board of Spice. Spice, India's seventh-largest GSM operator by subscribers, currently operates in Punjab and Karnataka. At the end of April, the company had 1.98 million subscribers. Mr Omar said Spice's debt of $215 million had been refinanced with its bankers, and $50 million had also been raised from banks for network expansion in the year ending March 31, 2007. He said there were currently no plans to raise Malaysia Telekom's stake in Spice beyond 49 per cent.
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