KUALA LUMPUR--The telco speculations about who is taking over whom is heating up, with another interesting twist; Sapura Group has apparently teamed up with Hong Kong's Hutchison Whampoa to bid for stakes in both Celcom and Time dotCom, The Sun reported.
Previously, Maxis Communications was rumored to have bid for a 30 percent in Time dotCom while just two days ago, Telekom Malaysia said it saw Time dotCom as a "good fit".
Sapura already owns 2 percent of Time Engineering which has a 45 percent stake in Time dotCom. Celcom which is owned by debt-ridden Technology Resources Industries, is in the midst of raising RM2 billion (US$527million) through a rights issue.
The government had already stated that greater consolidation in the telco industry is needed as the local market is too small to support too many players.