Singtel's NetLink IPO set to price near low end at 81 cents, raising $2.3 bil: IFR

Singtel's NetLink IPO set to price near low end at 81 cents, raising $2.3 bil: IFR

By: 
Reuters
07/07/17, 08:03 pm

SINGAPORE (July 7): NetLink NBN Trust, the broadband unit of Singapore Telecommunications, is set to price its IPO near the bottom of expectations, raising about $2.3 billion in Singapore's largest listing in more than four years.

The offering is set to be priced at $0.81 per unit, Thomson Reuters publication IFR reported, citing two sources with knowledge of the transaction. The IPO had an indicative range of $0.80 to $0.93 per unit.

NetLink is offering 2.9 billion units in the IPO, which will be the biggest in Singapore since Mapletree Greater China Commercial Trust's US$2.06 billion ($2.85 bllion) listing in February 2013.

It is slated for debut on the Singapore stock exchange on July 19.

Singtel, Southeast Asia's largest telco whose biggest shareholder is Singapore state investor Temasek Holdings, did not immediately respond to an email seeking comment on the pricing.

Singtel will own 24.99% of NetLink, which provides high-speed broadband network, after the IPO.

Stratech's controlling shareholders seeking stay of winding-up order

SINGAPORE (Sept 20): A Singapore court has granted applications to wind up The Stratech Group and its subsidiary, Stratech Systems, after the group failed to receive the necessary support for proposed schemes of arrangement. See: Stratech to receive funds from controlling shareholders, plans to propose scheme of arrangement See also: Stratech to call for rights issue as founders pump in more funds See also: Auditors flag Stratech's ability as going concern One of Stratech’s three secured creditors, who held more than 50% of the company’s $6 million in secured debt, did not agre....
Read More >>

Easy for Hongkong Land to find replacement for tenant HNA: DBS

SINGAPORE (Sept 20): China-based HNA Group reportedly surrendered eight floors at Three Exchange Square in Hongkong’s Central with lettable area of 88,000sf. This move should not surprise the market as this conglomerate has been reducing its business operations in Hong Kong in the previous year. The 33-level Three Exchange Square office tower was developed by property group Hongkong Land and houses the Hong Kong Stock Exchange. HNA’s lease started in June and should have expired in May 2027. According to press reports, China Merchants Bank has agreed to take up four floors for ....
Read More >>

Singaporeans love their banks but remain wary of the lesser-known, finds survey

SINGAPORE (Sept 20): While a majority of Singaporeans view the city state’s financial services sector as more trustworthy than a decade ago, many are cautious towards less familiar sub-industries and new & emerging digital financial services companies. This is according to the inaugural 2018 Financial Services Reputation Index, launched today by MHP Communications and ORC International, which surveyed over 4,000 adults across China, Hong Kong, India and Singapore in August this year. In particular, the survey found that 90% of respondents in Singapore and India rated the reputation....
Read More >>