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ST Telemedia says financial instruments included in sale of U Mobile stake
The Straits Times
|December 13, 2024
KUALA LUMPUR - Singapore Technologies Telemedia (ST Telemedia), which is wholly owned by Singapore's investment company Temasek, said financial instruments will form part of its sale of "a majority stake" in U Mobile to a company owned by tycoon Vincent Tan and the Malaysian king's daughter.
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When ST Telemedia announced the transaction last week, it said subsidiary Straits Mobile was selling a "majority stake" in U Mobile and would own about 20 per cent of the company after the sale. The announcement drew scrutiny in local media because Malaysia has a 49 per cent cap on foreign ownership in telcos.
In a statement on Dec 11, ST Telemedia said it has provided funding to U Mobile from time to time in the form of "certain financial instruments" and they will form part of the sale.
ST Telemedia owns 49 per cent of U Mobile's ordinary shares, consistent with U Mobile's disclosures to the Companies Commission of Malaysia, it added.
Communications Minister Fahmi Fadzil told lawmakers on Nov 7 that U Mobile had not breached rules on foreign shareholdings.
This story is from the December 13, 2024 edition of The Straits Times.
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