Official: Digi will not proceed with GrabGas investment
As we stated earlier, Grabgas was one of the recipients of equity funding by Digi Telecommunications Sdn Bhd (Digi) maiden accelerator programme, Digi Accelerate.
However after the whole fiasco involving their former CTO it seems DiGi has decided to not proceed in investing in Grabgas.
Full Press Release below:
SHAH ALAM, 8 September 2016 – Digi Telecommunications Sdn Bhd (Digi) said today that it will not proceed with its investment in GrabGas on grounds of inconsistency in the disclosure of data. The decision follows a comprehensive review which concluded on Tuesday. Transparency and integrity is fundamental to the way Digi does business, and the decision is a reflection of the same principles it upholds and expects of its partners.
On 22 August 2016, the company announced it will be investing equity funding in three startups that graduated from Digi Accelerate, at which point, the shareholder agreements were ongoing to assess their performance and ensure business practices adhered to company’s standards for proper business conduct.
We are a mobile connectivity and internet services provider enabling 12.3 million Malaysians to get the most benefit out of an increasingly connected world. With a strong legacy of product and services innovation delivered on Malaysia’s widest 4G LTE network, Digi now has an ambition to become our customers’ favourite partner in their digital lives providing relevant, personalised and engaging digital products and services that will further enable all Malaysians’ digital lifestyles. This is because we believe digital communication empowers everyone to improve their lives, build societies and secure a better future for all. Listed on Bursa Malaysia, Digi is part of global telecommunications provider Telenor Group and is a leader in driving progressive and responsible business practices. For more information about Digi, visit www.digi.com.my
For media enquiries, please contact Chew Hwee Yen (email@example.com | +6012 395 3398).0 8
One thought on “Official: Digi will not proceed with GrabGas investment”
Kinda expecting it