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The above article appearing on page 1 of the Berita Harian on Thursday, 20 September 2001 refers, particularly the following sentence reproduced below:
“Telekom Malaysia Bhd (Telekom Malaysia) dipercayai kerugian hampir RM200 juta apabila perjanjian yang dimeterai untuk memiliki 15 peratus lagi ekuiti Ghana Telecommunications Co. Ltd (Ghana Telecoms) tidak diiktiraf kerajaan baru negara itu.”

We wish to clarify to the Exchange that the above sentence indicating that TM is believed to have lost about RM200 million pursuant to the agreement to acquire additional 15% of the total equity in Ghana Telecommunications Co. Ltd. and that the said agreement is not recognised by the new Government of Ghana is inaccurate.

As announced to the Exchange on 17 August 2000, Telekom Malaysia Berhad (TM) has entered into an Agreement with the Government of the Republic of Ghana (GOG) in August 2000, to acquire an additional 15% equity interest in Ghana Telecommunications Company Ltd (GT) for a total cash consideration of USD100 million subject to the terms and conditions of the Agreement.

In accordance with the Agreement and in expressing interest to acquire the additional 15% equity interest in GT, TM has disbursed an advance payment USD50 million after the requisite approvals were obtained from relevant authorities.

Following the change in GOG in January 2001 and upon a written request from the new GOG for an extension of completion of the transaction, TM agreed to extend the completion deadline up to 30 November 2001, pending continuing negotiations between TM and new GOG.

Further developments on this transaction will be announced to the Exchange at the appropriate time.

Announcement Info