SingTel wins conditional approval for ownership of fiber network

Singapore Telecommunications Limited has won conditional approval from regulators to acquire the entire ownership of a company responsible for developing the city-state's broadband network. In August, NetLink Trust, owned but not controlled by SingTel, proposed to acquire OpenNet Pte Ltd., a consortium developing the broadband network, for S$126 million dollars ($101 million). Singapore's Info-communications Development Authority (IDA) handed down the approval on Thursday, but attached several conditions to ensure fair competition, it said in a statement. (http://link.reuters.com/vyg84v) The IDA asked for the establishment of a monitoring board to ensure SingTel would not influence the management and decision making of CityNet Infrastructure Management Pte. Ltd, the Trust-Manager of the NetLink Trust.

via Tech News Headlines - Yahoo! News http://news.yahoo.com/singtel-wins-conditional-approval-ownership-fiber-network-123558784--finance.html