Singapore telecoms firm StarHub, SCV agree to merge<\/p>\n
Singapore telecommunications operator StarHub Pte. Ltd. and
\ncable operator Singapore Cable Vision (SCV) said Wednesday they
\nhave agreed to merge.<\/p>\n
Under the deal, SCV will become a unit of the telecoms
\noperator when the merger is completed next month, the statement
\nsaid.<\/p>\n
\"The merger transaction is effected by SCV shareholders
\nswapping their shares in SCV for new shares in StarHub,\" the
\nstatement said.<\/p>\n
The merger, if approved by the regulatory bodies concerned,
\nwill offer a range of services from mobile phone lines, broadband
\nInternet access and international long-distance calls from a
\nstaff strength of over 2,800.<\/p>\n
\"The StarHub-SCV merger is a perfect fit,\" said StarHub chief
\nexecutive and president Terry Clontz.<\/p>\n
SCV president Yong Lum Sung said the merged entity \"will be a
\nconvenient one-stop service provider that offers a compelling
\nrange of cable TV, telecommunications and broadband interactive
\nservices.\"<\/p>\n
The two companies said they would list the merged entity when
\nthe timing is right. No further details were given.<\/p>\n
Singapore Technologies Telemedia (STT) will be the biggest of
\nfive shareholders with a 50.47 percent stake in the merged entity
\nfollowed by Japan's NTT Communications at 14.51 percent.<\/p>\n
Media Corporation of Singapore will have a 14.07 percent
\nstake, British Telecommunications (BT) 11.87 percent and
\nSingapore Press Holdings (SPH) 9.08 percent.<\/p>\n
SCV, the island's sole cable operation, is currently owned by
\nSTT, Media Corporation of Singapore and SPH.<\/p>\n
StarHub, one of Singapore's three main telecoms firms, is
\nowned by NTT, BT, and STT.<\/p>\n
The merger is subject to approval from the InfoComm
\nDevelopment Authority of Singapore and the Singapore Broadcasting
\nAuthority -- AFP.<\/p>",
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