Current TIMECOM share par value is $1.00, will writeoff with accumalated losses of 90c to become 10c

Then every 5 shares of new value 10c shares combined into 1 new share of 50c.

Finally paid back 2c per share to every shareholders to buy some sweets.

i'm waiting since last week but cannot get it .... sigh

0.615

Latest Hong Leong paper.
And below is an article from The Edge. 

KUALA LUMPUR: Time dotCom Bhd (TdC) has extended its high-speed fibre connection to another 30,000 premises in a bid to expand its existing broadband subscription base of around 10,000 in the corporate and retail segment.

The group recently proposed an acquisition of the Global Transit entities which own a 10% stake in the 9,620km Unity Cable System linking Asia to America with a landing point in Japan. If the deal goes through, Afzal said that TdC will have access to routes of more than 10,000km connecting Southeast Asia to the West.

However, the proposal draws criticism partly because it is related party transactions, as Afzal and COO Megat Hisham Hassan are directors of Megawisra Sdn Bhd. Afzal is the major shareholder in Megawisra with a 75% stake. Megawisra in turn, owns the majority of the companies to be acquired under the proposal.

Under the proposal, Megawisra and persons acting in concert have also asked for a waiver from undertaking a general offer on TdC if the acquisitions goes through.

Due to the lack of details and earnings visibility of the companies that TdC would acquire, some quarters have raised their eyebrow and calling the proposal a “bailout”.

This article appeared in The Edge Financial Daily, December 2, 2010.

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Added on December 3, 2010, 3:03 amMajor shareholders (copied from the latest Hong Leong paper)
Khazanah 34.4%
EPF 12.6%
ASB 9.8%
KWP 4.8%
Free Float 38.4%

Are you feeling more comfortable now? 

Ya. However, we can't expect a businessman to be a saint too. Can we? The best we can expect is a win-win. So hopefully, it's a win-win.
One of the HL paper I read did mentioned that at least, Afzal didn't cash out, he re-invest all as shares holding.