TM INTERNATIONAL DEBUTS ON BURSA MALAYSIA MAIN BOARD A Vibrant Company With Strong Growth Prospects
KUALA LUMPUR, 28 April 2008 -- TM International Berhad (TMI), an emerging leader in Asian communications made an impressive debut on the Main Board of Bursa Malaysia today.
The Board of Directors and management of both Telekom Malaysia Berhad (TM) and TMI were on hand to witness the beginning of an exciting chapter for this vibrant Malaysian company that has made a successful foray into regional markets.
"It has indeed been an eventful journey for TMI. From its origins as an international ventures division to a wholly-owned subsidiary of TM and a listed entity, TMI has transformed itself to a formidable Company with presence in fast-growing South and Southeast Asian markets, complemented by mobile operations in Malaysia generating strong cashflows. From its pioneer investment back in 1995 in Sri Lanka and over a span of 13 years, TMI has built a portfolio of profitable operations in 10 countries namely Sri Lanka, Bangladesh, Pakistan, India, Iran, Indonesia, Singapore, Cambodia, Thailand and Malaysia with a mobile customer base of close to 40 million," said Dato' Azman Mokhtar, Chairman of TMI.
As these markets are characterised by high economic growth and low mobile penetration rates, moving forward, the TMI Group is well-positioned to reap the growth potential from these markets.
"The TM International Group intends to continue to focus on growing its market share in its existing markets and expanding its footprint into the South and Southeast Asian mobile telecommunications market through organic expansion as well as capitalising on selective acquisition and partnership opportunities to unlock shareholder value. The Group will also concentrate on further improving operational synergies and efficiencies," he added.
The listing of TM International on the Main Board of Bursa Malaysia is the culmination of a demerger exercise, undertaken by TM to create two vibrant entities to serve the different market segments within the telecommunications industry. TM retained its domestic interest in broadband, fixed line, data and other non-telecommunication operations while TMI will concentrate on TM's domestic and overseas mobile operations. The exercise was undertaken to accelerate operational improvements and growth through clearer strategic and organizational focus and further unlock shareholder value
TM successfully completed its demerger exercise last Friday with the closure of its register of shareholders for the purpose of transferring TMI shares into the CDS accounts of the entitled TM shareholders.
Based on the last traded price of RM10.90 of TM on 22 April 2008, the reference price of TMI as set by Bursa Malaysia was RM7.85.
"We are confident that investors will see TMI as one of the most attractive growth stocks on Bursa Malaysia given our portfolio, growth prospects and management aspirations. Essentially, they will be able to participate in the growth of a pure play mobile asset," said Dato' Jamaludin Ibrahim, Group CEO of TMI.
"The completion of the demerger and the separate listings of TM and TMI are historic milestones in the evolution of TM and in the drive to create national and regional champions from among our GLCs. The demerger unleashes both companies into clear and distinct growth paths. Khazanah as the major shareholder in both entities will continue to give its strong backing as we have done over the last few years. At TMI, where I am chairing, we inherit a great footprint and all the ingredients are there to become the regional champion that we aspire to be. Much work has gone in and we are already hitting the ground running," concluded Dato' Azman.