Malaysia's Time sells stake in DiGi for $171.7 mln

KUALA LUMPUR Aug 26 (Reuters) - Malaysia's Time dotCom (TCOM.KL) said on Wednesday it has sold a 3.6 percent stake in mobile phone company DiGi.com (DSOM.KL) for 604.95 million ringgit ($171.7 million).

Time dotCom, a fixed-line services provider, said its wholly owned Hakikat Pasti sold the shares at 21.80 ringgit a share via a private placement.

Time said its shareholding in DiGi has been reduced to 3.5 percent from 7.1 percent following the share sale.

Norway's Telenor (TEL.OL) owns 49 percent of DiGi.

DiGi shares ended 1.18 percent lower at 21.72 ringgit on Wednesday. Time shares were up 1.3 percent at 0.385 ringgit. ($1=3.523 Malaysian Ringgit) (Reporting by Soo Ai Peng, editing by Will Waterman)