Minority shareholders of TIME dotCom voted and approved the proposed acquisition of a group of companies within the telecommunications industry.
Upon completion, the acquisitions will effectively transition TIME into a regional telecommunications player. This will see TIME moving up the telco value chain, giving it access and the capability to serve a multi-billion dollar market comprising the growing Indo-China, ASEAN and North Asian market where more than half of the world’s population resides and Internet demand is increasing.
The companies being acquired are the AIMS Group, one of South East Asia’s leading carrier neutral data centers, Global Transit Communications, a regional Internet service and backhaul provider for telecommunication service providers, and Global Transit which holds a 10% interest in the Unity Cable System, as well as Global Transit Entities which hold internet licenses in Singapore and Hong Kong.
TIME will also make a capital repayment to shareholders while reconfiguring its balance sheet by writing off part of its share capital and consolidating the shares to better reflect the company’s financial position.
TIME expects the transaction to be completed by early 2012, at which point TIME will emerge as a regional telecommunications service provider.