Green Packet denies P1 sale reports

Dylan Bushell-Embling
12 Sep 2013

Malaysia's Green Packet has denied reports it is close to a sale of 55%-owned Wimax subsidiary Packet One Networks (P1).

The Edge Financial Daily claimed this week that DiGi Telecommunications has made an offer for the unit, and that negotiations are nearly concluding.

But in a statement on stock exchange Bursa Malaysia, Green Packet denied receiving any such proposal.

“The Company wishes to announce that as at to-date, it has not received any offer to purchase its shareholdings in P1,” the statement reads.

Green Packet however doesn't appear to be ruling out some form of sale altogether. The statement goes on to note that “the company will continuously pursue possibilities of collaborations and partnerships to complement [its] business strategy.”

Telekom Malaysia is meanwhile rumored to be considering acquiring a 30% stake in a Green Packet subsidiary, most likely P1, the Sun Dailyreported, citing a financial analysts' note.

A transaction would potentially allow Telekom Malaysia to use P1's spectrum to expand into wireless services. But as P1 is still loss-making, it is difficult to determine a proper valuation.

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