Time Engineering finally meets Lady Luck

Khazanah Nasional, the Malaysian government investment arm, agreed Monday to buy a 30% stake in TimedotCom, a unit of debt-laden Time Engineering Bhd for roughly M$2.2 billion ($579 million). The share sale means Time Engineering, which controls the biggest fibre-optic network in Malaysia, will be able to go to creditors tomorrow and present its debt plan on a firmer footing.