Intel Capital buys stake in Malaysian tech firm
KUALA LUMPUR, May 19 (Reuters) - Intel Capital, a unit of chip giant Intel Corp (INTC.O), said on Monday it will buy a minority stake in a Malaysia-listed tech firm which owns the license to roll out wireless broadband services in the country.
Intel Capital will invest 50 million ringgit ($15.5 million) in Green Packet Bhd (GRNP.KL). Based on Green Packet's Friday closing price of 2.76 ringgit, the company has a market capitalisation of 919.85 million ringgit.
Green Packet was one of the winners for the four WiMAX licenses awarded by the Malaysian government last year. WiMAX allows significant high-speed Internet access and file downloads from phones, laptops and mobile devices over greater distances.
But the investment arm of the tech giant did not indicate the size of the stake that it is buying.
"Intel is commited to the deployment of WiMAX globally and momentum for WiMAX is strong, with more than 280 fixed and mobile WiMAX trials and commercial deloyments in 110 countries," said Arvind Sodhani, president of Intel Capital and executive vice president. (Reporting by Soo Ai Peng; Editing by Ramthan Hussain)
