Monday, 26 December 2005

Telekom Malaysia Acquires Stake in Thai Samart Group

Thai telecoms group Samart Corp PCL said on Friday it sold a 24.42 percent stake in its mobile phone distribution unit to TM International Sdn Bhd, an oversees investment unit of Telekom Malaysia. The deal, which sent Samart shares up to 11-month high, would strengthen Samart's business as the group had an ambitious plan to tap mobile handset markets elsewhere in Asia, chief executive Thavatchai Vilailuck told Reuters. Samart, which is 19.24-percent owned indirectly by Telekom Malaysia, said it had diluted its 73.02-percent stake in Samart I-Mobile PCL (SIM), to 48.6 percent after the 1.31 billion baht (USD 32 million) transaction. Samart said in a statement it sold 105 million SIM shares at 12.50 baht each and would keep its management role in the company.