KUALA LUMPUR, Oct 11 (Bernama) — Khazanah Nasional Bhd, via its associate Pulau Kapas Ventures Sdn Bhd (PKV), has announced the strategic divestment of its indirect stake in TIME dotCom Bhd.
In a statement yesterday, the sovereign wealth fund said PKV, an investment vehicle controlled by Global Transit International Sdn Bhd (GTI), has completed a placement of 67.5 million Time shares, representing 3.7 per cent of TIME’s total outstanding shares.
It said all proceeds from this placement exercise would accrue to Khazanah and following the placement, PKV would hold a 25.1 per cent stake in Time from 28.8 per cent.
Khazanah said as a result of this exercise, GTI’s stake in PKV would further increase with GTI remaining fully committed to the long-term growth in Time.
Khazanah managing director Datuk Amirul Feisal Wan Zahir said since the inception of Khazanah partnership with GTI, Time has exhibited robust growth and recently achieved a market capitalisation exceeding RM10 billion for the first time in February 2023.
“With this, the monetisation exercise has come at the right time given TIME’s commendable share price performance and returns following the successful partnership.
“As we close this chapter of our partnership with GTI through PKV, we embark on a new one and will remain supportive of GTI as their journey continues with Time,” he added.
— Bernama
