KUALA LUMPUR, Sept 30 —Telekom Malaysia Bhd ™ has completed its investment for a majority ownership in Packet One Networks (Malaysia) Sdn Bhd or P1, the country’s leading WiMAX wireless provider.

TM, together with Green Packet Bhd and SK Telecom Co Ltd had signed an Investment Agreement earlier, to share the ownership and collaborate in the future growth of P1.

“Following the completion, TM emerges as the new holding company for P1 with a shareholding of 55.3 per cent and the remaining 44.7 per cent is shared between Green Packet (31.1 per cent) and SK Telecom (13.6 per cent),” said TM in a joint statement today.

The partnership drives strong synergies from the three complementary partners to work together to capitalise on a viable mobile opportunity and deliver the next generation of converged communication services.

It essentially enables P1 to crossover to long-term evolution (LTE) and offer full mobility while providing TM with an LTE-ready platform to accelerate and more efficiently make wireless broadband products available to its customers.

TM said the partners, together with P1, were currently developing a joint business plan and strategies for the realisation of partnership synergies.

The partners are also conducting an operational review to further optimise operations for P1’s future business.

Product development and commercial plans are also under discussions. — Bernama