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PKV has today completed a placement of 67.5 million TIME shares (representing c.3.7% of TIME’s total outstanding shares). All proceeds from this placement exercise will accrue to Khazanah.
Following the placement, PKV will hold a c.25.1% stake in TIME (from 28.8%). As a result of this exercise, GTI’s stake in PKV will further increase with GTI remaining fully committed to the long-term growth in TIME.