Singapore telecoms firm StarHub, SCV agree to merge

Singapore telecoms firm StarHub, SCV agree to merge

Singapore telecommunications operator StarHub Pte. Ltd. and
cable operator Singapore Cable Vision (SCV) said Wednesday they
have agreed to merge.

Under the deal, SCV will become a unit of the telecoms
operator when the merger is completed next month, the statement
said.

"The merger transaction is effected by SCV shareholders
swapping their shares in SCV for new shares in StarHub," the
statement said.

The merger, if approved by the regulatory bodies concerned,
will offer a range of services from mobile phone lines, broadband
Internet access and international long-distance calls from a
staff strength of over 2,800.

"The StarHub-SCV merger is a perfect fit," said StarHub chief
executive and president Terry Clontz.

SCV president Yong Lum Sung said the merged entity "will be a
convenient one-stop service provider that offers a compelling
range of cable TV, telecommunications and broadband interactive
services."

The two companies said they would list the merged entity when
the timing is right. No further details were given.

Singapore Technologies Telemedia (STT) will be the biggest of
five shareholders with a 50.47 percent stake in the merged entity
followed by Japan's NTT Communications at 14.51 percent.

Media Corporation of Singapore will have a 14.07 percent
stake, British Telecommunications (BT) 11.87 percent and
Singapore Press Holdings (SPH) 9.08 percent.

SCV, the island's sole cable operation, is currently owned by
STT, Media Corporation of Singapore and SPH.

StarHub, one of Singapore's three main telecoms firms, is
owned by NTT, BT, and STT.

The merger is subject to approval from the InfoComm
Development Authority of Singapore and the Singapore Broadcasting
Authority -- AFP.