OpenNet shareholders to sell shares to CityNet, deal subject to IDA approval

Singapore's fibre broadband network builder OpenNet announced on Thursday, Aug 22, 2013, that it is applying for approval with the authorities to consolidate its shareholding. -- ST FILE PHOTO: ASHLEIGH SIM
Singapore's fibre broadband network builder OpenNet announced on Thursday, Aug 22, 2013, that it is applying for approval with the authorities to consolidate its shareholding. -- ST FILE PHOTO: ASHLEIGH SIM

Singapore's fibre broadband network builder OpenNet announced on Thursday that it is applying for approval with the authorities to consolidate its shareholding.

Its four shareholders - Canada's Axia NGNetworks Asia, SPH Net, SPT Net and SingTel Interactive - intend to sell their stakes to CityNet, trustee-manager of SingTel's business trust NetLink Trust.

The total cash consideration for the deal is $126 million.

OpenNet assures its customers that all its services to them shall continue and remain unaffected, during and after the Infocomm Development Authority's review of the joint application.