Telecom acquisition planned

Telecom acquisition planned

SINGAPORE (AFP): Singapore Telecom, the largest publicly-
listed company in this city state, is to acquire a 24.5 percent
stake in Australia's long distance telephone company AAP
Telecommunications Pty. Ltd. (AAPT), it was announced here.

The acquisition costing A$55 million (about US$40 million) was
through wholly-owned subsidiary Singapore Telecom International
Pte. Ltd. (STI), according to a statement by Singapore Telecom.

"This amount will be paid in cash for new ordinary shares in
the capital of AAPT," the statement said.

It added that the investment was subject to approval by the
Australian Foreign Investment Review Board, with a decision
expected sometime next month.

The other shareholders of AAPT, the third largest long
distance telephone company in Australia, are AAP Information
Services Pty. Ltd. with a 51 percent stake and Todd Corp. which
owns 24.5 percent.