In a filing to Bursa Malaysia today, Time said the exercise, which was undertaken via private placement, represented about 0.9 per cent of the issued and paid-up capital of DiGi.
The disposal would allow Time to recognise fair value gain from available-for-sale reserve equity account to profit and loss of RM157.4 million, it said.
Time said the proceeds would be utilised for working capital purposes.
Trading in Time’s shares was halted at 9am for one hour.
As at 3 pm, Time was 13 sen higher at RM7.27 with 124,000 shares changing hands.
– BERNAMA