KUALA LUMPUR (April 21): Pulau Kapas Ventures Sdn Bhd (PKV) has completed the distribution of 278.41 million shares in Time Dotcom Bhd (KL:TIMECOM), representing a 15.06% stake in the telecommunications firm, to its two shareholders — Khazanah Nasional Bhd and Global Transit International Sdn Bhd (GTI) — via a partial dividend-in-specie exercise.
Under the exercise, Khazanah received shares representing a 2.98% stake in Time, while GTI got a 12.07% stake.
Hence, Khazanah’s direct shareholding in Time has risen to 10.23% from 7.25%, while Time's chief executive officer Afzal Abdul Rahim, through his shareholding in GTI, holds an indirect 15.06%.
PKV’s stake in Time, meanwhile, has been reduced to 10.04%. PKV is 19.81%-owned by Khazanah and 80.18% by GTI, which is controlled by Afzal and Patrick Corso, who is also executive director at Time.
“Pursuant to this specific transaction, the collective interest of PKV, GTI and Khazanah in Time remains unchanged,” Time said in a filing on Thursday.
The restructuring is “part of a shareholding rationalisation that was planned and previously announced by PKV's shareholders on Oct 10, 2023,” the filing added.
At that time, Khazanah announced “the strategic divestment of its indirect stake in Time”, which included a 3.7% Time stake sale via a placement exercise, with all proceeds going to Khazanah. Concurrently, GTI’s stake was expected to “further increase with GTI remaining fully committed to the long-term growth in Time”.
Khazanah’s strategic divestment at the time reflected “wider portfolio rebalancing initiatives to generate cash inflow for future reinvestments”.