Malaysian broadband telecommunications firm TIME dotCom bought a 6.5% stake in mobile phone operator DiGi from DiGi's Norwegian parent, Telenor, a Reuters report said.
The Reuters report said the allocation of 50.25 million shares to TIME dotCom represented two-thirds of the shares placed by the Nordic region's No. 2 phone group.
It follows an agreement for DiGi to buy Time dotCom's 3G phone spectrum for around $195 million in new shares, the report saud.
Telenor is cutting its stake in DiGi to 49% from 61% to comply with an ownership requirement of the Malaysian government.
Telenor sold 76.5 million DiGi shares to Malaysian investors in a book building exercise last week.
TIME dotCom will hold a 10% stake in DiGi, the smallest of Malaysia's three mobile phone operators, upon completion of its proposed transfer of its 3G spectrum to DiGi, the Reuters report further said.