TIME dotCom Bhd announced that it sold its stake to DigitalBridge Group to expand its AIMS Data Center business in Asia.
They will sell 49% of their AIMS Data Center Holdings, 100% non-redeemable convertible preferred shares, and 21% of AIMS Data Center (Thailand) to DigitalBridge Group. It is expected to fetch RM2,008.98 million.
Time Will Distribute Part Of the Proceeds As Special Dividend
Time dotCom Bhd will pay out RM1 billion from the divestment proceeds to shareholders in the form of a special dividend. This is expected to be 54 sen per share. Of this amount, RM500 million will be used for capital expenditure, RM463.98 million for working capital, and RM45 million for expenses related to corporate activities.
The company said they plan to expand the AIMS data center across Asia, using Malaysia as the core hub for intra-regional connectivity. The company decided to invest heavily to take hold of the business opportunities after a review at the end of last year.