CFA Society Singapore
SINGAPORE (July 10): MyRepublic has clarified that it did not receive formal offers to set up an MVNO (Mobile Virtual Network Operator) from any of the three local telcos earlier this year.
“To clarify, we did not receive formal MVNO offers or enter into formal partnership discussions with any particular telco during those discussions,” a MyRepublic spokesperson told The Edge Singapore.
MyRepublic was responding to an earlier statement by M1. The local telco operator said it did not make any offer to MyRepublic to be its MVNO partner earlier today.
“M1 did not make any MVNO offer to MyRepublic. We are not in discussion with MyRepublic on any MVNO offer,” says an M1’s spokesperson.
M1 currently supports two MVNOs, namely Circles.Life and PLDT, which Singapore arm is a subsidiary of Philippine Long Distance Telephone Co.
M1’s statement came after MyRepublic’s chief executive Malcolm Rodrigues told reporters last week that the company has signed an offer with a telco.
“We started receiving MVNO offers from all three telcos days after TPG won the fourth telco licence,” he said to a room full of reporters on July 6.
During the press conference last week, he also denied rumours about MyRepublic acquiring M1. Meanwhile, Rodrigues said his company plans to buy mobile bandwidth wholesale from one of the republic’s three telcos.
A deal had already been struck with one of the telcos and the partnership would be announced within the next two months, the CEO had added.
MyRepublic is currently raising $100 million in Series C funding at a post-money valuation of $650 million.