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.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia