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The announcement to acquire the issued stock and paid in capital of CMC Telecommunications Infrastructure JSC (CMC Telecom) for US$12 million was made on May 8 and represents the first foreign ownership in the Vietnam telecom industry.
"CMC Telecom has a record of strong and stable growth in line with TIME’s corporate strategy and we believe the acquisition is a perfect fit,” said Afzal Abdul Rahim, general director of TIME in making the announcement.
TIME's stock has been listed on the Bursa Malaysia stock market since 2001 and currently has a capitalization valued at roughly US$1 billion.