Time dotCom to raise RM1b Sukuk to expand fibre footprint

Time dotCom Bhd plans to raise RM1bil under its proposed Sukuk programme 2015-2035. RAM Ratings said on Tuesday it had assigned a preliminary rating of AA3/Stable to the Islamic medium-term notes (MTN) programme. The rating reflects Time dotCom’s sound business position in the fixed-line space and the earnings diversity from its international bandwidth business as well as data centre. Nonetheless, the rating is constrained by Time dotCom’s small market share compared to its larger rival’s. RAM Ratings said the proceeds would be used to expand its fibre footprint, further develop its data operations, refinancing of credit facilities and working capital requirements.