KCOM, Singtel sell 50% stakes in Radiance Communications to Telechoice subsidiary
Their divestment has a sale consideration of $625,000.
Keppel Communications Pte Ltd (KCOM) and Singapore Telecommunications Limited (Singtel), divested both of their 50% equity interest in Radiance Communications Pte Ltd (Radiance) to NxGen Communications Pte Ltd (NxGen), subsidiary of Telechoice International Limited (Telechoice).
Investment holding and management company, Keppel Corporation, in its corporate announcement, said the divestment has a sale consideration of $625,000, which arrived at a willing buyer willing seller basis.
Before the sale of stakes, Radiance will first distribute dividends and undergo a capital reduction exercise to return approximately $4 million cash to KCOM, a subsidiary of Keppel Telecommunications and Transportation Limited, and Singtel in equal proportion. With this, KCOM’s total proceeds will amount to over $2.6m.
After the divestment has been completed, Radiance will no longer be an associate of Keppel Corporation.