KUALA LUMPUR, Malaysia -- Telekom Malaysia Berhad (TM) announced today that its Indian affiliate, Spice Communications Limited (Spice) has received necessary approvals for a listing of its shares on the Bombay Stock Exchange (BSE). The target offering date is between 25-27 June 2007, TM Group Chief Executive Officer Dato’ Abdul Wahid Omar told a media briefing at the CommunicAsia 2007 regional exhibition and conference in Singapore.

Spice Communications Ltd. (Spice), the second largest cellular services provider in Punjab and fifth largest cellular services provider in Karnataka, is entering the capital market with a Public Issue of 113,111,111 equity shares of Rs. 10 each through a 100% Book Building Process. The price band for the Issue has been fixed between Rs. 41 and Rs. 46 per equity share, Dato Wahid stated.

The company recently concluded a pre-IPO placement of 24,873,889 shares at Rs 45 per share, thereby raising about Rs 112 crore (US27.6 million). The total number of new equity shares on issue is 137,985,000, representing 20% of the post-issued paid-up share capital, he further added.

Spice filed the Draft Red Herring Prospectus (DRHP) to Securities and Exchange Board of India (SEBI) on 19 February 2007. The company received comments from SEBI on 21 May 2007, followed by the necessary approval soon thereafter.

TM has a 49% stake in Spice through TMI India Limited, a wholly-owned subsidiary of TM's international investment holding company, TM International Sdn Bhd. The remaining 51% is with Modi Wellvest Private Limited (MWPL) a promoter of Spice. With the issue of IPO shares, current shareholding of both MWPL and TM will be diluted to 40.8% and 39.2% respectively.

Telekom Malaysia Berhad