Long rumoured to be a merger and acquisition (M&A) target, Packet One Networks (P1) looks ready to finalize a possible deal. The Star reports that necessary legal documents have already been drafted by advisers, with DiGi Telecommunications and Telekom Malaysia (TM) supposedly contenders for the company, which owns valuable 4G spectrum.
Article continues after the jump.
Michael Lai, one of the friendliest faces in the local telco industry, has stepped down from his post as CEO of Packet One Networks. Citing personal reasons, his resignation has come as a surprise to many in the industry. Lai’s vacant post will be filled by P1 founder and current Chief Operating Officer, Puan Chan Cheong, effective 1st July.
In a press statement, Lai stated his pleasure at guiding the company through its initial stages, before fully backing Puan as the new CEO:
“I had the great pleasure to carry out the first part of P1, of Puan and the Board’s vision to see P1 take its place as one of Malaysia’s leading 4G telco serving converged fixed and wireless broadband, and voice services with next generation technology. I pass the baton now to CC to assume the P1 CEO role. I believe he will be the best person to see P1 through to its ultimate goal.”
P1 also had kind words for its outgoing CEO, praising his contributions to the ICT industry both in Malaysia and internationally. Puan even stated that “it will take awhile for (the company) to get used to Michael not being the face of P1 anymore.”
Us here at Lowyat.NET wishes Michael all the best in his future endeavours.
(Source & Image Credit: Digital News Asia)