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Article Entitled "Excelcomindo To Sell 10% Stake By Year-End"

Back 06 Aug 2008

General Announcement
Reference No TI-080806-CBD99

Submitting Merchant Bank
:
 N/A 
Company Name
:
 TM INTERNATIONAL BERHAD 
Stock Name
:
 TMI
Date Announced
:
 06/08/2008


Type
:
 Announcement
Subject
:
ARTICLE ENTITLED "EXCELCOMINDO TO SELL 10% STAKE BY YEAR-END"

Contents
:
We refer to the above mentioned article that appeared in "The Edge, Financial Daily" on 6 August 2008.

TMI wishes to announce that TMI is presently exploring a number of possible options with PT Excelcomindo Pratama Tbk ("XL") to increase the public shareholding spread of XL shares ("XL Shares").

XL is a public company listed on the Stock Exchange of Indonesia. The current shareholding spread has resulted in the trading of XL Shares in the market being illiquid. The Stock Exchange of Indonesia has, through its letter dated 11 May 2007, requested XL to eventually increase the number of XL Shares held by the public. In this regard, XL has had a discussion with TMI, which holds currently 83.79% of the issued and paid-up share capital of XL, through TMI's wholly-owned subsidiary, Indocel Holding Sdn Bhd ("Indocel"), on increasing the public shareholding spread of XL Shares.

One of the options discussed is the sale of part of Indocel's holding of XL Shares through a private placement ("Proposed Disposal"). Following thereto, TMI has requested XL's assistance in, amongst others, providing relevant information on XL should TMI decide to proceed with the Proposed Disposal.

XL had, on 5 August 2008, called for the convening of an extraordinary general meeting of XL's shareholders on 3 September 2008 to seek, amongst others, the approval of XL's independent shareholders for XL to provide TMI with such assistance.

TMI wishes to highlight that the Board of Directors of TMI has not made a decision to proceed with the Proposed Disposal.

In the event of any decision made by the Board of Directors of TMI, TMI will make an appropriate announcement to Bursa Malaysia Securities Berhad.

Announcement Details :