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

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

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.


Get the full story from The Straits Times.

Here is the full statement from OpenNet: 

OpenNet announces today that it has jointly with CityNet Infrastructure Management Pte. Ltd. ("CityNet") and Singapore Telecommunications Limited ("SingTel") filed a Consolidation Application with the Infocomm Development Authority of Singapore ("IDA"). The Consolidation Application seeks regulatory approval for the purchase by CityNet, in its capacity as trustee-manager of NetLink Trust, 100% of the issued and paid-up capital in OpenNet from current shareholders Axia NGNetworks Asia Pte. Ltd. (Axia Asia), SPH Net Pte. Ltd. (SPH), SPT Net Pte. Ltd. (SPT) and SingTel Interactive Pte. Ltd.

The Consolidation Application is subject to the IDA's review and approval. OpenNet assures its customers that all its services to them shall continue and remain unaffected, during and after the IDA's review of the joint application. The terms and conditions of OpenNet's service offerings, which are subject to regular regulatory reviews by the IDA, will remain unchanged unless otherwise required/approved by the IDA.

OpenNet remains committed to meeting Singapore's growing demand for fibre services.

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