Time Engineering finally meets Lady Luck

Malaysia''s Time looks to throw off crippling debts, solving long-time problems. No such luck for Khazanah, which has struck pricing snags with NTT on Telekom Malaysia.

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.

ôKhazanah will take up shares and bonds, and the proceeds will be used to pay back half of the M$4 billion in notes held by existing creditors,ö a banker familiar with the deal told FinanceAsia.com.

But itÆs bad news for Khazanah, which looks like it may be left high...

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