Celcom iPhone 6 Plus another event
Celcom started its operation as STM Cellular Communications in 1988 with Fleet Group and Telekom Malaysia as shareholders. Subsequently, Telekom Malaysia sold its 51% shareholding to the TRI group which was controlled by Tajudin Ramli. Fleet Group's share was transferred to the Time Engineering group which was later sold to TRI. In the initial years Celcom experienced a tremendous growth in subscriber base and network coverage under the stewardship of Rosli Man, the President of the company. It was during his tenure that Celcom turned into the leading cellular companies in Malaysia. Man left Celcom in 1996.
During the 1997 Asian crisis, Celcom's owner, Tan Sri Tajudin Ramli suffered a debt crunch, and his shareholding in Celcom was seized by Danaharta, the national asset restructuring company. Failure to resolve his debts resulted in the controlling stake in Celcom being sold to Telekom Malaysia, the government-owned incumbent fixed line operator in 2003. Telekom Malaysia proceeded to merge Celcom with its own mobile-operator subsidiary TMTouch through a reverse takeover of TMTouch.
Owing to the inferior management of its former management Celcom was found liable by an arbitration panel in Switzerland for infringing an agreement signed with Duesche AG’s unit, DeTeAsia in 2002. The tribunal ruled that Celcom was liable to pay DeTeAsia US$177.2 million in principal plus US$16.2 million in interest as well as other legal and arbitration costs. The total sum was about RM740 million, leaving Telekom Malaysia to intensify its efforts at recovering monies from Celcom’s previous owners.
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