STI gets stake in Time dotCom

SINGAPORE -- Singapore Telecommunications Ltd subsidiary Singapore Telecom International has entered into a non-binding heads of agreement to purchase a 14.5 percent stake, or 108.221 million shares, in Time Engineering Bhd at RM6 ringgit per share. Time Engineering will also offer SingTel 20 percent of its stake in the enlarged share capitals of Time dotCom and Time ISP Company. SingTel said Time and Renong had identified STI as a strategic investor which would be part of Time's proposed restructuring scheme. Full story -- ZDNet Asia