Under the partnership, TIME will sell 49% of the ordinary shares and 100% of the irredeemable convertible preference shares in AIMS Data Centre Holding, and 21% of the ordinary shares in AIMS Data Centre (Thailand), according to a joint statement.

Proceeds from the transaction of some 2 billion ringgit will partly be used to pay a special dividend of up to 1 billion ringgit to TIME's shareholders, TIME's commander in chief Afzal Abdul Rahim said in the statement.

($1 = 4.5750 ringgit)

(Reporting by Yantoultra Ngui; Editing by Anshuman Daga and Rashmi Aich)