OpenNet ceases to exist; is renamed NetLink Trust

An OpenNet fibre optic cable (thin cable in red and blue) used in Singapore. OpenNet, builder of Singapore's ultra-fast fibre broadband network, has been fully acquired by NetLink Trust, a business trust owned by SingTel. -- PHOTO: ST FILE
An OpenNet fibre optic cable (thin cable in red and blue) used in Singapore. OpenNet, builder of Singapore's ultra-fast fibre broadband network, has been fully acquired by NetLink Trust, a business trust owned by SingTel. -- PHOTO: ST FILE

SINGAPORE - OpenNet, builder of Singapore's ultra-fast fibre broadband network, has been fully acquired by NetLink Trust, a business trust owned by SingTel.

The integration of OpenNet's core fibre infrastructure and resources into one operation is about two months ahead of schedule, according to a statement released on Wednesday by NetLink Trust, the new operator of the nationwide fibre broadband network.

"NetLink Trust remains committed to open and equal access for all service providers. We welcome closer engagement with industry stakeholders to bring the Next Generation Nationwide Broadband Network (NGNBN) to its maximum potential for the benefit of all end-users," said Mr Ng Yong Hwee, chief executive officer of NetLink Trust.

In August, OpenNet's shareholders - SingTel, SP Telecommunications, Singapore Press Holdings and Canada's Axia NetMedia - agreed to divest all their shares to NetLink Trust for $126 million.