Investors

Axiata strives to raise our shareholder value by striking a balance between
short-term profitability and long-term growth.

TM International Berhad ("TMI")

Back 31 Jul 2008

General Announcement
Reference No MM-080731-60138

Submitting Merchant Bank
:
 CIMB INVESTMENT BANK BERHAD 
Company Name
:
 TM INTERNATIONAL BERHAD 
Stock Name
:
 TMI
Date Announced
:
 31/07/2008


Type
:
 Announcement
Subject
:
TM INTERNATIONAL BERHAD ("TMI")

Contents
:
(I) PROPOSED SUBSCRIPTION BY TMI MAURITIUS LTD ("TMI MAURITIUS"), A WHOLLY-OWNED SUBSIDIARY OF TMI, OF 464,734,670 NEW ORDINARY SHARES OF INDIAN RUPEE ("RS.") 10 EACH IN IDEA CELLULAR LIMITED ("IDEA"), REPRESENTING APPROXIMATELY 14.99% OF THE ENLARGED ISSUED SHARE CAPITAL OF IDEA ("PROPOSED SUBSCRIPTION");

(II) PROPOSED MANDATORY GENERAL OFFER BY IDEA TOGETHER WITH TMI, TMI MAURITIUS, TMI INDIA LTD ("TMI INDIA") AND GREEN ACRE AGRO SERVICES PRIVATE LIMITED ("GAASPL") AS PERSONS ACTING IN CONCERT ("PAC") WITH IDEA, FOR THE REMAINING 137,985,050 ORDINARY SHARES OF RS.10 EACH IN SPICE COMMUNICATIONS LIMITED ("SPICE"), NOT HELD BY IDEA AND THE PAC ("PROPOSED OFFER"); AND

(III) PROPOSED MERGER OF SPICE AND IDEA ("PROPOSED MERGER")

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

Announcement Details :

We refer to our announcement dated 25 June 2008 and the Circular to Shareholders of TMI dated 17 July 2008.

 

On behalf of TMI, CIMB Investment Bank Berhad is pleased to announce the following:

 

(i)         Bank Negara Malaysia ("BNM") had, through its letter dated 25 July 2008, approved, amongst others, the payment to be made by TMI group for the Proposed Subscription and Proposed Offer. BNM's approval is subject to, amongst others, the following:

 

(a)        if TMI does not make any payment within 12 months from the date of BNM's approval letter, BNM's approval is deemed cancelled; and

 

(b)        if TMI enters into any contract to hedge its foreign exchange risk or interest rate risk, such contract may only be entered into with local licensed financial institutions, and has to be cancelled upon the full repayment of the borrowings taken by TMI; and

 

(ii)         the shareholders of Idea have approved, amongst others, the Proposed Subscription, at the extraordinary general meeting of Idea held on 30 July 2008.

 

This announcement is dated 31 July 2008.