SINGAPORE, Nov 22 (Reuters) – Malaysian telecoms firm TIME dotCom (TCOM.KL) is selling a major stake in its data centre business to U.S. infrastructure investor DigitalBridge Group (DBRG.N) for about 2 billion ringgit ($437.64 million), the companies announced on Tuesday.
The deal, announced at a time of political upheaval in Malaysia, underscores booming demand for infrastructure assets such as data centres in Southeast Asia as investors are lured by their stable, long-term returns.
TIME will sell 49% of the ordinary shares and 100% of the irredeemable convertible preference shares in AIMS Data Centre Holding, and 21% of the ordinary shares in AIMS Data Centre (Thailand), according to the statement.
Proceeds from the stake sales will be partly used by TIME to pay a special dividend of up to 1 billion ringgit to its shareholders, TIME’s Commander-in-Chief Afzal Abdul Rahim said in the statement.
The balance will be reinvested into TIME,…
