OpenNet set to be sold for S$126m

kellogs

BMW.SG Admin
SINGAPORE - OpenNet, which is responsible for building and operating an all-optical fibre network in Singapore, is set to be acquired by CityNet, a subsidiary of CitySpring Infrastructure Management, for S$126 million.

CityNet is the trustee-manager of NetLink Trust, in which Singapore Telecommunications has a 100 per cent economic interest but which operates independently.

The deal is subject to regulatory approval.

Commenting on the transaction, Mr Yap Chee Keong, the chairman of CityNet, said: "We believe this acquisition will streamline the industry where NetLink Trust will be responsible for the Next Generation Nationwide Broadband Network (NBN)."

"We hope to continue the earlier success of the NBN rollout, to achieve greater efficiencies for the next phase of growth," he said, while adding that OpenNet customers' service would not be affected by the acquisition.

OpenNet's existing shareholders include SingTel Interactive, Axia NGNetworks Asia and SPH Net.

Source ~> http://www.channelnewsasia.com/news/business/opennet-set-to-be-sold/786680.html

UPDATED ~ CNA posting got edited on the same link

Updated version

SINGAPORE: SingTel's unit NetLink Trust is seeking to acquire OpenNet for S$126 million.

OpenNet, CityNet, and SingTel jointly filed a consolidation application with the Infocomm Development Authority (IDA) on Thursday.

The consolidation application seeks regulatory approval for NetLink's acquisition of OpenNet.

CityNet, a wholly-owned subsidiary of CitySpring, is the trustee-manager of NetLink Trust while SingTel is the initial and sole unitholder of NetLink Trust.

OpenNet is the builder of Singapore's fibre broadband infrastructure.

OpenNet has been saddled with delays in delivering fibre broadband services across Singapore.

New fibre broadband subscribers of OpenNet were reportedly made to bear with delays in July. This was after an exceptional number of subscribers had signed up for the plans at the PC Show.

OpenNet was fined S$100,000 for delaying the supply of cooling services to internet service providers in October last year.

Ms Jeannie Ong, chief marketing officer of StarHub said: "We will have to take time to study how this will affect the industry and our position as an RSP (Retail Service Provider). We welcome any steps to improve OpenNet's poor performance on service provisioning record in respect of non-residential customers. Given its wide-ranging impact, we look forward to IDA's public consultation on this transaction."

M1 is currently "evaluating the implications".


Food for thought?
 
Re: OpenNet set to be sold for S$126m

Who is this, another admin? :wtf:
 
Re: OpenNet set to be sold for S$126m

due to the massive delay of NGNBN rollout ... OpenNet probably see it coming liao ...
 
Re: OpenNet set to be sold for S$126m

open net [(Axia NetMedia (Axia), Singapore Telecommunications (SingTel), Singapore Press Holdings (SPH) and Singapore Power Telecommunications (SPT)] , city net, CitySpring Infrastructure Management, NetLink Trust, Singapore Telecommunications..... end of the day, I reckon it all leads back to "rome" one way or the other....
 
Re: OpenNet set to be sold for S$126m

Nxnt..................
 
Re: OpenNet set to be sold for S$126m

Opennet was funded by sg govt? And the money came from tax payer? I really hope does not approve it.
 

Members online

Forum statistics

Threads
82,716
Messages
1,019,209
Members
70,934
Latest member
pluschassis6
Ad | 📈Learn Trading Strategies, Lessons and Setups
Back
Top