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TIME to Make a Strategic Investment in SYMC

Bangkok (March 8, 2017) – Symphony Communication PCL (SYMC), one of the leading telecommunications network service providers in Thailand, announced yesterday that its Board of Directors has received a letter from TIME dotCom Berhad (TIME), one of the leading fixed line telecommunication providers in Malaysia, expressing the intention to make a strategic investment into SYMC. Subject to satisfactory regulatory approvals, corporate approvals and the fulfilment of certain conditions, TIME, through its wholly owned subsidiary TIME dotcom International Sdn Bhd (TDC), will launch a partial voluntary tender offer (PVTO) for 37.0% of SYMC’s total issued and paid-up shares at THB 12.20 per share. Following completion of the PVTO, SYMC will launch a capital increase through a rights offering (RO) of new ordinary shares to all shareholders at a price of no more than THB 8.80 per share, at the ratio of 2.86 – 2.92 existing ordinary shares to 1 newly-issued share, which is approximate THB 1,000 million capital increase. In this regard, the Board of Director of SYMC will determine the definite allocation ratio and inform the shareholders again. The injection of this new money into SYMC will enhance its financial position and capabilities to capture growth opportunities via potential investments, including network expansion, according to the business plan in the future.

SYMC’s President, Mr. Teerarat Pantarasutra said, “Having a global player like TIME as our partner would definitely help strengthen SYMC’s future growth prospects. We foresee tremendous growth opportunities in our business. With the right partner at the right time, our ability to capture these opportunities will increase.

Considering TIME’s experience, capabilities and proven track record in providing domestic and international network connectivity, and data center services to wholesale and enterprise markets, I believe that the transaction would benefit both SYMC and the shareholders of SYMC as a whole in the long run. TIME, as a new strategic partner and major shareholder of SYMC, could enhance our capabilities to become one of the premier and high-quality carrier service providers in Thailand, with extended network connectivity by leveraging TIME’s international bandwidth and network in the international market.

In addition, a capital increase of approximately THB 1 billion via a RO will help improve our current financial position and equip us with sufficient funds for our future investments. After the completion of the transaction, we will, together with TIME, carefully consider various investment opportunities to expand and strengthen our existing businesses and/or to launch new market segments and services in Thailand to further fuel the company’s growth in the long run.”

TIME’s Group Chief Executive Officer Mr. Afzal Abdul Rahim said, “TIME has long been an admirer of SYMC’s success and we are delighted to now be able to cement our partnership by proposing this strategic investment. We are very excited by the potential of the Thai market, especially given the launch of the Digital Economy Masterplan and the development of the ASEAN Economic Community, and look forward to working with the team at SYMC to grow the company to the next level. We are also delighted to know that shareholders holding approx. 47% of the shares in SYMC have already expressed their support for this strategic investment.”
Forward-Looking Statements

This press release contains forward-looking statements that reflect the current views of SYMC management and/or TIME management with respect to future events. The words "anticipate", "believe", "estimate", "expect", "intend", "may", "plan", "project", "should" and similar expressions including all statements that are not historical facts are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties, most of which are difficult to predict and are generally beyond SYMC’s and/or TIME's control, including, without limitation, general industry and economic conditions, competition from other companies and avenues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, governmental policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Forward-looking statements are based on current plans, estimates and projections, and therefore too much reliance should not be placed on them. SYMC and/or TIME do not intend or assume any obligation to update these forward-looking statements.

About Symphony Communication PCL (SYMC)

SYMC is a Thailand-based high-speed data communications network service provider using optical fiber cable for its core network and provides related services for example last mile network management and installation service. The company has been listed in the Stock Exchange of Thailand (SET) since 2010, with a current market capitalization of THB 3,872 million, as of March 6, 2017. SYMC offers various domestic services, including but not limited to internet access, private network, digital broadcast, local loop for international, access network, etc., as well as international services via its international private leased circuits and submarine cable, which will be ready for service in the middle of the year 2017.
SYMC as the first Thai private company has obtained a license to build international submarine cable network system named Malaysia-Cambodia-Thailand (MCT) Submarine Cable System which is a joint investment project of telecom operators from Malaysia, Cambodia and Thailand that has span of approximately 1,300 kilometers. The cable landing station named Moalee is established in Rayong province. The project is expected to be completed and ready for service in middle of the year 2017 in order to generate higher efficient communication of future need at lower cost in long run.
In the financial year ended 31 December 2016, SYMC generated revenues of THB 1,388.7 million, EBITDA of THB 636.5 million (EBITDA margin of 45.8%), and net profit of THB 99.4 mm (net profit margin of 7.2%). SYMC recorded total assets in the amount of THB 4,036.9 million, with a cash of hand of THB 81.4 million, as well as a ratio of total liabilities to total shareholders’ equity of 1.88 times as of 31 December 2016. More information about SYMC can be found on its website at www.symphony.net.th.

About TIME dotCom Berhad (TIME)

TIME is a Malaysia-based telecommunications services provider with businesses spanning fixed line, data centres and global networks. The company is primarily focused on the wholesale and enterprise segments, providing data and Internet connectivity to customers across ASEAN. TIME has been listed on Bursa Malaysia (formerly known as the Kuala Lumpur Stock Exchange) since 2001, with a market capitalization of RM 4.97 billion (approx. THB 39.1 billion) as of 6 March 2017. For the financial year ended 31 December 2016, TIME generated revenues of RM 766.9 million (approx. THB 6,039.7 million), EBITDA of RM 93.4 million (approx. THB 735.6 million) and a core pre-tax profit of RM 198.4 million (approx. THB 1,562.5 million). More information about TIME can be found on its website at www.time.com.my