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Singapore (pte028/08.05.2003/13:36) - The stock exchange figures for the daughter company of Singapore Telecommunications (SingTel) http://www.singtel.com were surprisingly good, reports the Wall Street Journal (WSJ). Singapore Post's (SingPost) shares were sold at the maximum price of 60 Singapore cents (0.31 euros). This positive balance will give SingTel, South-East Asia's biggest telephone company, the breathing space it needs to pay off its 10b Singapore dollar (5.13b euros) debt.
SingTel had put a total of 1.14b shares (that is, 60 per cent of its share capital) of its postal branch on the market. The share certificates were put on the market for between 50 to 60 Singapore cents.
According to WSJ, the success of the SingTel's IPOs could give the company the incentive to sell its non core assets in order to pay its mountain of debts. The next move might be to sell the branch directory Yellow Pages, whose sale would bring in 200m Singapore dollars (101.5m euros). More lucrative would be the sale of the IT provider National Computer Systems, which could be sold for around 1b Singapre dollars (507m euros).
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