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Bid For the Grant of A Third Public Mobile Network Licence In The Islamic Republic Of Iran

Back 14 Jan 2009

General Announcement
Reference No TI-090114-E0F1F

Submitting Merchant Bank
:
 N/A 
Company Name
:
 TM INTERNATIONAL BERHAD 
Stock Name
:
 TMI
Date Announced
:
 14/01/2009


Type
:
 Announcement
Subject
:
BID FOR THE GRANT OF A THIRD PUBLIC MOBILE NETWORK LICENCE IN THE ISLAMIC REPUBLIC OF IRAN

Contents
:
We refer to our announcement dated 15 December 2009 concerning the submission by the consortium ("Consortium") established by Indocel Holding Sdn Bhd ("Indocel"), a wholly-owned subsidiary company of TM International Berhad ("TMI") with Fanavari Moudj Khavar, JSC ("Fanamoj") and Sarmayegozarie Atiyeh Saba, JSC ("Atiyeh Saba") of the bid for the tender of the Third Public Mobile Network Licence in the Islamic Republic of Iran ("Iran 3rd Public Mobile Network Licence Bid").

We wish to announce that the Consortium was unsuccessful in their tender for the Iran 3rd Public Mobile Network Licence Bid following the official announcement by the Communications Regulatory Authority of Iran of the successful bidder of the Iran 3rd Public Mobile Network Licence.

The Iran 3rd Public Mobile Network Licence Bid made by the Consortium reflects TMI's view of the Iranian market as a good investment opportunity. However, the bid was done with strict financial discipline and clear internal risk-adjusted investment hurdle rates, based on what we determined to be value-enhancing to shareholders. TMI will continue to consider such investment opportunities whilst being mindful of our financial position.

Following the unsuccessful bid by the Consortium, in accordance to the terms of the Consortium Agreement dated 19 November 2008 entered into by Indocel with Fanamoj and Atiyeh Saba, the agreement is now terminated.

This announcement is dated 14 January 2009.