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SINGAPORE - Singapore Technologies Telemedia (ST Telemedia) has acquired a 33 percent stake in Malaysian 3G operator U Mobile, the two companies said in a joint statement on Monday.
A spokeswoman for ST Telemedia, which is 100 percent owned by investment firm Temasek Holdings, told AFP the company was paying 625 million ringgit (US$189 million; S$263 million) for the 33 percent stake in U Mobile.
This latest move is a bid by ST Telemedia to extend its reach into the growing Malaysian market.
ST Telemedia is buying the stake from U Television, the major shareholder in U Mobile. It signed the investment agreement with U Television in Kuala Lumpur Monday.
In a joint news release, they said U Mobile is expected to benefit via a transfer of skills and technology.
U Mobile is one of Malaysia's four mobile phone and 3G services providers.
The company is also planning to speed up its 3G network rollout.
According to U Mobile, its immediate attention is to expand the multimedia experience and mobile services that it offers to Malaysians.
It added that it can also partner with ST Telemedia's presence in other countries.
For ST Telemedia, its President and CEO Lee Theng Kiat believes that its investment in U Mobile is the right strategic decision.
He said the robust telecoms market in Malaysia provides potential for future growth.
He added that U Mobile, with its strong wireless and data focus, will be a valuable addition for ST Telemedia.
The latest announcement added to a string of recent acquisitions by the company.
Last week, ST Telemedia announced it was buying a 10 percent stake in VNPT Global, a subsidiary of Vietnam public telecommunications group VNPT.
ST Telemedia, which is unlisted, describes itself as a telecommunications group that invests in and manages information-communications companies across the globe.
Its stable of firms includes telecom investment house Asia Mobile Holdings and US-based Global Crossing. - CNA/AFP/ls
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