Time Engineering finally meets Lady Luck

Malaysia''s Time looks to throw off crippling debts, solving long-time problems. No such luck for Khazanah, which has struck pricing snags with NTT on Telekom Malaysia.

Meera Tharmaratnam

July 07, 2000

Khazanah Nasional, the Malaysian government investment arm, agreed Monday to buy a 30% stake in TimedotCom, a unit of debt-laden Time Engineering Bhd for roughly M$2.2 billion ($579 million). The share sale means Time Engineering, which controls the biggest fibre-optic network in Malaysia, will be able to go to creditors tomorrow and present its debt plan on a firmer footing.

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