Confusion surrounds Sapura's stake in TimedotCom

Some say the creditor got a 20% in TimedotCom, Time Engineering''s 100% unit. Sapura insists it has taken only 5%.

The future of Time Engineering Time is clear as mud. Local papers and news agencies reported on Wednesday that Sapura, an investment holding company, had snapped up the rights to buy 20% of TimedotCom û TimeÆs newly created unit that holds its most valuable assets. Not so, it seems.

According to Sapura's release to the stock exchange, the group has the rights to acquire only 5% of TimedotCom. Sapura will take up roughly 2.4% of the stock through its 25% stake in TimeWireless and Time Reach, two of Time's subsidaries. Khazanah Nasional, the governmentÆs investment arm, contributed the remaining 3% to Sapura, through a combination of shares and a...

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