Singapore, 10 July 2017 – 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 22 April 2018.
NetLink NBN Trust was established primarily for the purpose of owning all of the units of NetLink Trust. On the listing date, Singtel will sell its stake in NetLink Trust to NetLink NBN Trust, for an aggregate consideration of approximately S$1,878 million, comprising a cash consideration of S$1,095 million and an approximately 24.99% stake in NetLink NBN Trust. The 24.99% stake in NetLink NBN Trust will be held through a wholly-owned subsidiary of Singtel, Singtel Interactive Pte. Ltd., upon divestment.
Ms Chua Sock Koong, Singtel Group CEO 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.
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Important Notice:
This news release does not constitute an offer, invitation to purchase or subscribe for or solicitation of securities in Singapore or any other jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever. The information in this news release in respect of NetLink NBN Trust is qualified in its entirety by, and is subject to, the more detailed information set out in the Prospectus. The information presented in this news release is subject to change. Anyone wishing to purchase Units should read the Prospectus before deciding whether to purchase Units and will need to make an application in the manner set out in the Prospectus. Any decision to purchase Units should be made solely on the basis of information contained in the Prospectus and no reliance should be placed on any information other than that contained in the Prospectus.
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