TIME seeks up to 49% of Symphony Communication

TIME’s investment, which is subject to shareholder and regulatory approvals, would be up to Bt2.2 billion, according to a press release issued by the Malaysia-based company late on Tuesday. 
TIME is a telecommunications provider with businesses spanning fixed line, data centres and global networks. The company is primarily focused on the wholesale and enterprise segments, providing customers across Asean with data and Internet connectivity. It is headquartered in Kuala Lumpur.
TIME has received a statement of support from existing shareholders of Symphony who hold about 47 per cent of the shares.
The investment would be accomplished in two phases. 
In the first, TIME would acquire shares at Bt12.20 each from existing shareholders through a partial voluntary tender offer for 37 per cent of the shares outstanding. 
In the second phase, TIME would participate in a rights offering of about Bt1 billion to be launched by Symphony and priced at up to Bt8.80 per share. The deal is expected to close in the fourth quarter of this year.
Afzal Abdul Rahim, TIME’s commander-in-chief, said TIME had long been an admirer of Symphony’s success. “We are delighted to now be able to cement our partnership by proposing this strategic investment. 
“We are very encouraged by the potential of the Thai market, especially given the launch of the digital-economy master plan and the development of the Asean Economic Community, and look forward to working with the team at Symphony to grow the company to the next level.”
The board of Symphony is excited to have received this proposal from TIME, said Teerarat Pantarasutra, the company’s president.
The funds raised in the rights offering will be used to expand and strengthen Symphony’s nationwide fibre-optic network and launch new products and services.
The Malaysia-Cambodia-Thailand submarine cable system, of which Symphony is a founding consortium member, is expected to enter service within the coming months. 
Chris Wilson, TIME’s Asean CEO, said Symphony’s terrestrial and undersea network assets would integrate seamlessly with TIME’s own network and help to realise TIME’s vision of building a strong, unified, pan-Asean network.