Jurisdiction - Malaysia
News
Wong & Partners Advises TM On Partnership With Green Packet and SK Telecom To Develop Malay Communications.

15 April, 2014

 

Wong & Partners advised Telekom Malaysia Bhd. (TM), on its Investment Agreement with Green Packet Bhd. (Green Packet) and SK Telecom Co., Ltd. (SK Telecom), to collaborate on developing a next-generation Long-Term Evolution (LTE) infrastructure for converged communications services in Malaysia. Green Packet and SK Telecom currently have equity interest in Packet One Networks (Malaysia) Sdn. Bhd. (P1). 

 

Partner Munir Abdul Aziz led the team on the corporate aspects of the deal.

 

“This was an extremely challenging and complex deal, which involved a variety of corporate, financing and regulatory matters and is ground-breaking by virtue of the range of innovative features in its structure and terms. This deal will result in a new major 4G LTE service provider in Malaysia and heralds an exciting new era in the broadband communications industry,” said Munir.

 

TM will invest RM 350m into P1 via the subscription of new ordinary shares to make TM the majority shareholder with an estimated 57 percent stake, and RM 210m into Green Packet via newly issued redeemable exchangeable secured bonds. TM, Green Packet and SK Telecom will subscribe for the redeemable convertible unsecured bonds to be issued by P1 to raise up to RM 1.65bn. 

 

Other firms advising TM included Goldman Sachs (Singapore) Pte., CIMB, Clifford Chance LLP, Detecon Asia-Pacific Ltd, and PricewaterhouseCoopers Advisory Services Sdn Bhd.

 

Conventus Law

Follow us on Twitter @conventuslaw

Comments are closed.