KUALA LUMPUR: Khazanah Nasional Bhd and Global Transit International Sdn Bhd (GTI) have achieved a significant milestone in their partnership, given the successful transformation of TIME Dotcom Bhd
.
In line with Khazanah’s role in supporting and developing local entrepreneurs, GTI was selected as a partner to drive Time’s operational and financial growth.
Over 15 years, the partnership has been a resounding success, as exhibited by the solid financial performance of the company.
Khazanah recognised the importance of wider portfolio rebalancing initiatives to generate cash inflow for future reinvestments.
Accordingly, Khazanah, via its associate, Pulau Kapas Ventures Sdn Bhd (PKV), announced the strategic divestment of its indirect stake in Time.
PKV is an investment vehicle controlled by GTI in partnership with Khazanah.
PKV had on Tuesday completed a placement of 67.5 million Time shares (representing around 3.7% of Time’s total outstanding shares). All proceeds from this placement exercise will accrue to Khazanah.
Following the placement, PKV will hold a 25.1% stake in Time (from 28.8%). GTI’s stake in PKV will further increase with GTI remaining committed to the long-term growth of Time.
