Singtel disposes OpenNet for nearly $40M

It also mulls cuting stake in NetLink.

SingTel has entered into an agreement to dispose of its entire 30% stake in OpenNet to CityNet Infrastructure Ltd. (CityNet) for SGD37.8m.

The remaining 70% shareholders of OpenNet, namely Axia NGNetworks, SPH Net and SPT Net will also enter into similar agreements to dispose of their stakes to CityNet, notes OSK-DMG.

Here's more from OSK-DMG:

CityNet is a trustee-manager of NetLink Trust which will become the sole owner of the Next Generation Fiber (NBN) fiber network. SingTel will, within 12 months of the sale, cease to become the key sub contractor to OpenNet for the installation, operations and maintenance of fiber. It will also cut its stake in NetLink Trust to less than 25% by 22 April 2018.

This is an expected move as part of the completion of the fiber rollout undertaken by SingTel covering 95% of the population. SingTel is merely fulfilling conditions of the initial agreement with the IDA and OpenNet on open access requirements and for the separation of ownership on active assets.

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