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SingTel buys 4.5m shares in Singapore NBN company

SingTel buys 4.5m shares in Singapore NBN company

Optus parent SingTel (ASX:SGT) has announced that subsidiary SingTel Interactive has purchased 4.5 million shares in OpenNet, the company created to build and operate Singapore’s NBN.

The company paid S$1 ($0.79) each for the shares, in a deal which brings its total ownership of the venture to 11.7 million shares.

But SingTel’s total holding in OpenNet remained relatively unchanged at around 30%. The remaining shares are owned by Axia NGNetworks Asia, SPH Net and SPT.

SingTel said the purchase price was arrived at taking into account the working capital requirements of OpenNet.

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Tags Investment NBN Singapore SingTel telecommunications

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