It eyes divesting its 100% stake to 25%.
Singtel has announced that NetLink NBN Trust’s final prospectus has been registered with the Monetary Authority of Singapore in connection with its initial public offering and listing on the Singapore Exchange Securities Trading Limited.
This public offering fulfils Singtel’s undertaking to the Info-communication Media Development Authority (IMDA) to divest its 100% stake in NetLink Trust to less than 25% before April 22, 2018.
Singtel Group CEO Chua Sock Koong said, "This is a very positive outcome that serves the best interests of all stakeholders. We remain invested in NetLink Trust’s long-term growth potential. As the sole appointed network company for Singapore’s Next Generation Nationwide Broadband Network, NetLink Trust plays a fundamental role in the delivery of fibre services throughout Singapore, and is well-positioned to benefit from the digitalisation of the Singapore economy and the government’s Smart Nation initiative.”
The Singtel Group intends to use the net proceeds from the divestment of its stake in NetLink Trust for debt repayment, re-investments into its existing businesses, acquisitions and other capital management initiatives.
NetLink Trust was established in 2011 as part of IMDA’s effective open access requirements under Singapore’s Next Generation Nationwide Broadband Network. Singtel currently owns 100% economic interest in NetLink Trust
Do you know more about this story? Contact us anonymously through this link.