Telekom Malaysia up 10% On Mobile Spin-Off Plan
Telekom Malaysia shares surged 10% Monday in their return to trading following the announcement Friday that it will spin off its cellular business, worth around 27.8 billion ringgit ($8.1 billion), opening the door for future investment in the unit by foreign players.

The state-owned telecom company will group its mobile operator Celcom (Malaysia) Bhd and other overseas businesses into a new company ,TM International, which will be listed on the main board of Bursa Malaysia.

The remaining businesses, including fixed-line voice, data and broadband services and other telecommunication and non telecommunication related businesses will remain listed under the name of Telekom Malaysia. Other publicly traded subsidiaries — Indonesian PT Excelcomindo Pratama TBK, Sri Lanka Dialog Telekom Ltd and Malaysia-listed VADS Bhd — will maintain their listing status on their respective bourses.