Celcom reduce Its Capital to Inject RM730 Million Into TM Unit

KUALA LUMPUR, June 12 (Bernama) -- Telekom Malaysia Bhd (TM) subsidiary Celcom (Malaysia) Bhd is to reduce its issued and paid up capital by RM530 million to RM1.237 billion from RM1.767 billion.Celcom also wants to cancel its share premium account of RM199.74 million, said TM in a statement today."Both the RM530 million and RM199 million, totalling RM730.11 million (distribution sum) will be distributed to the wholly owned subsidiary of TM, Telekom Malaysia Enterprise Sdn Bhd," said TM.TM said it feels Celcom has a capital base that is in excess of future operating requirements and financial obligation.So Celcom is able to return part of the shareholder's investment, "having taken into consideration the best interest of TM Group going forward."The distribution sum will enable TM to finance its capital requirements and future investments, thus fully maximising the use of cash within TM Group," it said.