Time dotCom

cancelled

Time Telecom (later renamed Time dotCom) was awarded a 20-year license to provide local telephone services in July 1993. It was also awarded another 20-year license to provide international telephone services in December 1994. The company had more than 3000 km of fiber and 1865 km of sub-marine cable by 1997. The total investment in the project was US$948.5 million by 1997. Of that amount US$786 million was invested between 1994 and 1995. The company was created as a fully owned subsidiary of Time Engineering (Renong Bhd.) of Malaysia and was incorporated as a public company in December 1996 under the name Time Telecommunications Berhad. The company adopted the new name "TIME dotCom Berhad" on January 17, 2000. Also by 2000, Time Engineering controled 75% of the third-biggest mobile phone firm in Malaysia which operated under the brand name "Adam." In July 2000, TIME Engineering reached an agreement to sell a 30% stake in TIME dotCom to the Finance Ministry's investment arm, Khazanah Nasional, for RM2.2 billion (US$558 million). Time then had debts of RMB five billion. Time dotCom was listed on the Main Board of Kuala Lumpur Stock Exchange (KLSE) on 12 March 2001. The company sold a 25% stake in the company by issuing 572 million shares at 3.30 ringgit (US$0.87) a share, raising US$497 million in total. At the time, Time dotCom made up more than 75% of Time Engineering's assets. The offer of the 572 million shares to the public was undersubscribed by 75%. Three state-owned agencies ultimately owned by Khazanah emerged as owners of the unwanted shares: Employees Provident Fund (3.22%), Kumpulan Wang Amanah Pencen (10.82%), and Pengurusan Danaharta Nasional (3.16%). Time dotCom's ultimate shareholders were then Time Engineering Bhd (45%), Khazanah (47%), Sapura group (2.41%) and others (5.59%). However, in December 2001, Khazanah gained full control of Renong Bhd.. Renong held a 46.8% in Time Engineering which owned 45% of Time dotCom. Khazanah then had an effective 68% stake in Time dotCom (30% direct, 17% through other state-owned interests and 21% via its 47% owned-unit Time Engineering Bhd). The company therefore became state-controlled. By 2003, TIME dotCom provided fixed line, voice and data communications and other value-added services using the 'TIME' brand. The Group's fixed line and broadband business handled four major product categories, namely Direct Access, which dealt with products that required the Group's infrastructure to be built into customers' premises; Indirect Access covered products that did not require the building of infrastructure; Multimedia; and Broadband and Managed Network systems. TIME dotCom also provided public payphone services throughout Malaysia under the 'TIME' and 'Uniphone' brands. The Group operated an extensive network of 38,000 public payphones strategically located at buildings, shopping complexes and sidewalks throughout the country. By 2004, Time dotCom was focusing its capital expenditure mainly on expanding its wireless broadband coverage and services. None None