Stock Exchange
Announcement

Proposed alliance between DiGi, DiGi Telecommunications Sdn Bhd ("DiGi TELECOM"), TIME DOTCOM Berhad and TT DOTCOM Sdn Bhd ("TDSB")

Back Mar 24, 2008
Type Announcement
Subject DiGi.COM BERHAD (“DiGi”)

PROPOSED ALLIANCE BETWEEN DiGi, DiGi TELECOMMUNICATIONS SDN BHD
(“DiGi TELECOM”), TIME DOTCOM BERHAD AND TT DOTCOM SDN BHD
(“TDSB”) (COLLECTIVELY THE “PARTIES”) WHICH INVOLVES THE:

- PROPOSED TRANSFER OF THE SPECTRUM ASSIGNMENT NO. SA/01/2006
OVER THE FREQUENCY BANDS OF 1965MHZ-1980MHZ, 2155MHZ-2170MHZ
AND 2010MHZ-2015MHZ TO DiGi TELECOM TO BE SATISFIED VIA THE
ISSUANCE OF 27,500,000 NEW ORDINARY SHARES OF RM0.10 EACH IN
DiGi CREDITED AS FULLY PAID-UP TO TDSB OR ITS NOMINEES
(“PROPOSED TRANSFER”); AND

- PROPOSED JOINT BUSINESS PLANNING EXERCISE BETWEEN THE PARTIES

(COLLECTIVELY REFERRED TO AS THE “PROPOSALS”)

Contents :

Reference is made to the announcements dated 25 January 2008, 25 February 2008, 6 March 2008 and 12 March 2008 in relation to the Proposals.


On behalf of DiGi, we wish to announce that the Securities Commission (“SC”) has, through its letter dated 21 March 2008 which was received on 24 March 2008, approved the Proposed Transfer under Section 212 of the Capital Markets and Services Act 2007 and under the Guidelines on Acquisition of Interests, Mergers and Take-Overs issued by the Foreign Investment Committee (“FIC”) (“SC Approval”).

The SC Approval is subject to the following conditions:

(i) DiGi to comply fully with all relevant requirements pertaining to the implementation of the Proposed Transfer as stipulated in the SC’s Guidelines on the Offering of Equity and Equity-Linked Securities;

(ii) DiGi to comply with the 30% Bumiputera equity condition imposed by the FIC vide its letter dated 12 July 2001 (“Bumiputera Equity Condition”), unless a waiver from having to comply with the said condition is obtained from the FIC; and

(iii) CIMB Investment Bank Berhad or DiGi to inform the SC upon the completion of the Proposals.

Additionally, on behalf of DiGi, we wish to announce that the FIC has exempted DiGi from the need to comply with the Bumiputera Equity Condition in consideration of DiGi completing the Proposed Transfer by 30 June 2008. Further, the FIC has also granted an extension of time of up to 30 June 2008 for DiGi to reduce its foreign equity interest to 49%.

This announcement is dated 24 March 2008.

 


Announcement Info

Company Name DIGI.COM BERHAD  
Stock Name DIGI    
Date Announced 24 Mar 2008  
Category General Announcement
Reference No MM-080324-53154

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