Redtone - 21% sold to Sultan of Johor (CIMB)

Redtone has entered into an agreement to divest its 21%stake in Redtone Network (RN) to Sultan Ibrahim Ismail of Johor for RM315,000 in cash. Upon completion of the divestment, Sultan Ibrahim will hold 51% and Redtone 49% of RN.

 It added that RN is one of the three shortlisted contenders for the digital terrestrial TV broadcast (DTTB) tender, which is expected to submit a detailed business plan on June 3 in round two of the tender process.

 The DTTB bid is for the building, operating and managing of the sole digital terrestrial television infrastructure in Malaysia. The first rollout of DTTB services to the public is expected to be in 2014, with full nationwide coverage targeted for end-2015.

 The company has named Huawei, a leading global information and communications technology (ICT) solutions provider, as its technology partner and system integrator while Media Broadcast GmbH is responsible for designing the network and complete operational requirements for the DTTB project. (Bernama, Financial Daily)