KUALA LUMPUR: Kumpulan Perangsang Selangor (KPS) Bhd has proposed to invest in a Mobile Virtual Network Operator business via a 30 per cent equity stake in Ceres Telecom Sdn Bhd, held by its wholly-owned unit Perangsang Telco Sdn Bhd.

In a filing to Bursa Malaysia today, the company said the board had previously announced that the proposed investment is expected to be completed by the fourth quarter of 2012.

"In this regard, the board wishes to announce that Perangsang Selangor had on Nov 19, 2012 and Dec 13, 2012 subscribed to the shares equivalent to 30 per cent equity stake in Ceres under the First Cash Call of Phase I," it added.

The two remaining cash calls under Phase I are expected to be made in 2013, the company said, adding that the total value of the cash calls is RM16.248 million. -- BERNAMA