Agreement signed for TIME dotCom Berhad to secure 25% of CMC Telecommunication Infrastructure JSC.
The CMC Telecom Infrastructure JSC (CMC Telecom) has become the first telecommunications infrastructure operator in Vietnam with a foreign shareholding, after the signing of a strategic investment agreement with TIME dotCom Berhad (TIME), a leading fixed-line telecommunications provider in Malaysia. TIME will hold a 25 per cent stake in CMC Telecom, marking its first footprint in Vietnam.
“This partnership will benefit both parties under the CMC Corporation’s development strategy and lead CMC Telecom to become a leading regional telecommunications and infrastructure company,” said Mr. Nguyen Trung Chinh, CEO of the CMC Corporation. “It will also help CMC Telecom improve its management capacity, technology transfer, and advanced services, and bring further added value to customers in Vietnam and in Asia.”
After more than a year of in-depth market research, TIME identified CMC Telecom as its best-choice partner, whose stable and strong growth and development strategies are in line with TIME’s aspirations to expand throughout ASEAN.
“We see immense potential in the Vietnamese market and couldn’t have asked for a better partner than CMC Telecom,” said Mr. Afzal Abdul Rahim, CEO of TIME. “We are excited to work together and take CMC Telecom to greater heights.”
As strong players in Vietnam and Malaysia, the strategic investment agreement will enable CMC Telecom and TIME to support and leverage on each other’s strengths in developing technology, products and services, especially in connection with international telecommunications infrastructure networks, together serving both foreign and domestic customers.
Founded in 1996, TIME is a data-centric telecommunications and solutions provider in Malaysia with a business reach across Asia-Pacific. It is a public company listed on the Main Market of Bursa Malaysia since 2001 and has a current market capitalization of approximately $1 billion.
CMC Telecom is a member company of the CMC Corporation. With nearly seven years of development, CMC Telecom currently stands in the Top 4 telecom companies in Vietnam. It was the first provider to apply GPON technology in the country and possesses 100 per cent fiber optic cable infrastructure.