Telekom Malaysia may list overseas arm -report

KUALA LUMPUR, Mar 25 (Reuters) Malaysia's dominant phone company, Telekom Malaysia Bhd, may list its overseas arm on the local stock exchange following changes to the listing rules, a business weekly reported, citing unnamed sources.

The government announced this week that listing rules would be amended to provide flexibility for large Malaysian companies to list their foreign assets on Bursa Malaysia.

''Telekom Malaysia is looking at the possibility of bundling TM International along with Celcom to create Telekom Mobile to be listed on the local bourse,'' The Edge quoted a source as saying.

TM International, a wholly-owned unit of Telekom Malaysia, has embarked on an aggressive expansion strategy, buying into telecommunications companies in Asia. It recently bought a 49 per cent stake in India's Spice Communications Ltd.

Telekom's Celcom unit is Malaysia's second-largest mobile phone operator.

Telekom was not immediately available for comment.

REUTERS SD RN1548