S Korean telco to invest $100 mln in Malaysia

22:36, June 29, 2010      

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SK Telecom (SKT), a South Korean telco, will invest 100 million U.S. dollars in a Malaysian broadband company to position itself as a global player in the communication industry.

Cho Ki Haeng, president of Global Management Service of SKT, told reporters near here on Tuesday that SKT after injecting such amount of investment into Packet One Networks (Malaysia) Sdn Bhd ( P1), SKT will hold a 25 percent stake in P1.

Cho said that SKT was interested in the Southeast Asian market and the company believed that with the expansion overseas, it would become a global player.

Puan Chan Cheong, managing director of Green Packet, the parent company of P1, said that the 100 million U.S. dollars would be used for network expansion and network quality enhancement.

Puan said that as at end of 2009, P1 has 140,000 subscribers and it was targeted that the number of subscribers could be doubled by end of 2010.

He also said that P1 hoped that its broadband service could be launched in East Malaysia this year.

According to the joint statement issued by the two parties, P1 is entitled to receive SKT's network expertise support and access the later's customer products portfolio.



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