STT to Invest in U Mobile

ST Telemedia signs agreements with Malaysia's UTV for the proposed investment of 33% stake in U Mobile

March 15, 2010

2 Min Read

KUALA LUMPUR and SINGAPORE -- Singapore Technologies Telemedia (ST Telemedia), a leading information-communications company with operations globally, and U Television Sdn Bhd (UTV), the major shareholder of U Mobile Sdn Bhd (U Mobile), today announced that they have entered into definitive agreements for the proposed acquisition of a 33 percent stake in U Mobile. U Mobile is Malaysia’s fourth mobile phone operator and one of the newest 3G service providers. UTV has engaged both AmBank (M) Berhad and Newfields Advisors Sdn Bhd as its advisors for this transaction.

The definitive agreements were signed by Mr Lee Theng Kiat, President & Chief Executive Officer of ST Telemedia, and Tan Sri Dato’ Seri Vincent Tan Chee Yioun, Chairman of U Mobile Sdn Bhd, and witnessed by YB Dato’ Seri Utama Dr. Rais Yatim, Malaysia’s Minister of Information, Communications and Culture; Mr Lim Ming Seong, Board Director of ST Telemedia and Mr Kenneth Chang, Executive Director of U Mobile, in a signing ceremony held at Berjaya Times Square Hotel in Kuala Lumpur today.

Guests and dignitaries were surprised by the “presence” of Yang Amat Berbahagia Tun Dr. Mahathir bin Mohamad, who extended his greetings via a video call from London and witnessed the proceedings.

YB Dato’ Seri Utama Dr. Rais Yatim in his speech said, “The signing of such strategic partnership acknowledges that Malaysia continues to provide attractive investment opportunities, especially in the information technology sector where the pace of change is so dynamic and competition demands the best effort from all the players in the field.” Following this strategic partnership, U Mobile is expected to benefit via a transfer of skills and technology to pave the way for improved mobile service delivery. U Mobile is planning to accelerate the 3G network rollout and raise the bar on the programs roll-out within the local telecommunications arena.

Singapore Technologies Telemedia Pte. Ltd. (STT)

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