SINGAPORE - Transport operator SMRT announced after market closed today that it may invest up to $34.5 million in one of Singapore's fourth telco contender to derive synergies from the transport operator's "extensive media presence and commuter reach".
Local tech company Consistel, which submitted an application to the Infocomm Development Authority (IDA) last August, has promised cheaper phone bills with its OMG! brand of mobile services if its subsidiary OMGtel secures mobile airwaves and a telco licence.
SMRT's investment is on the condition that OMGtel wins the fourth telco licence, which broadband operator MyRepublic is eyeing too. But the IDA has yet to announce the winner of the license.
Consistel has secured more than $150 million from previous rounds of funding. More funds will come in from partners it is recruiting to roll out a brand new mobile network that could cost $1 billion.