Telekom Malaysia to spin off mobile unit
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State-controlled Telekom Malaysia Bhd said on Friday it would split off and list its high-growth mobile business, separating it from the slower-growing fixed line and broadband businesses. “Our performance will become more transparent and it will enable the market to value us properly,” Chief Executive Abdul Wahid Omar told reporters in the Malaysian capital. Telekom, worth about 33.4 billion ringgit ($9.8 billion) until trade in its shares was halted for the news, is now about 20 percent undervalued by the Malaysian market, Abdul Wahid said. Its mobile businesses are worth some 28 billion ringgit ($8.2 billion) while its fixed-line and broadband businesses should be worth 12 billion, making the combined unit worth 40 billion ringgit, the firm said.
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