Mandatory General Offer for SCS to Close on 31 October 2008
Singapore, 15 October 2008 -- Singapore Telecommunications Limited (Singtel) today announced that the mandatory general offer by its indirect wholly-owned subsidiary, Computer Systems Holdings Pte. Ltd. (CSH), for the shares of Singapore Computer Systems Limited (SCS) will close on 31 October 2008.
CSH is offering to buy the remaining shares of SCS at S$1.50 a piece after acquiring approximately 60 per cent of SCS on 25 August 2008. The offer will close at 5.30 pm on 31 October 2008.
Acceptances received after 5.30 pm on 31 October 2008 will not be accepted and there is no intention to increase the offer price. As at 5.00 pm on 15 October 2008, CSH has received acceptances of 53,350,584 shares representing approximately 33.62 per cent of SCS.
Accordingly, as at 5.00 pm today, the total number of shares in SCS owned, controlled or agreed to be acquired by CSH and parties acting in concert with it, and valid acceptances of the offer, amounts to an aggregate of 146,495,085 shares, representing approximately 92.318 per cent of all the shares in the capital of SCS.
CSH is a wholly-owned subsidiary of NCS Pte. Ltd. (NCS) which is 100 per cent owned by Singtel.
Mr Allen Lew, Singtel’s CEO Singapore, said: “We believe the offer represents an attractive proposition to SCS shareholders to realise their investment in shares for cash. Together, SCS and NCS will provide a better value proposition to customers and enable the combined entity to meet any challenges posed by the current operating environment.’’
As CSH owns or controls more than 90 per cent of the shares in the capital of SCS as at 5.00 p.m. on 15 October 2008, the SGX-ST may suspend the trading of shares of SCS until the SGX-ST is satisfied that at least 10 per cent of the shares of SCS are held by at least 500 shareholders who are members of the public. CSH intends to make SCS its wholly-owned subsidiary and does not intend to preserve the listing status of SCS.
In addition, in the event that CSH is successful in acquiring more than 95.9 per cent of the shares in the capital of SCS, CSH will exercise its rights under the Singapore Companies Act to compulsorily acquire all the remaining shares of SCS at S$1.50 per share and thereafter, proceed to delist SCS from the SGX-ST.
Any inquiries relating to this press release or the offer should be directed to:
ANZ Singapore Limited
Bill Foo, Managing Director
Glenn Porritt, Executive Director
Loy H Chia, Director
Tel: 6539 6183
Singtel is Asia's leading communications group with operations and investments around the world. Serving both the corporate and consumer markets, it is committed to bringing the best global communications solutions to customers in the Asia Pacific and beyond.
With significant operations in Singapore and Australia (through wholly-owned subsidiary Singtel Optus), the Group provides a comprehensive portfolio of services that include voice and data over fixed, wireless, Internet and satellite platforms as well as pay TV.
To serve the needs of multi-national corporations, Singtel has a network of 37 offices in 19 countries and territories throughout Asia Pacific, Europe and the United States. These offices enable Singtel to deliver reliable and quality network solutions to its customers, either on its own or jointly with local partners.
The Group also has major investments in Bangladesh, India, Indonesia, Pakistan, the Philippinesand Thailand. Together with its regional partners, Singtel is Asia’s largest multi-market mobile operator, serving more than 198 million customers in eight markets.
Singtel employs more than 20,000 people worldwide and had a turnover of S$14.84 billion (US$10.05 billion) and net profit after tax of S$3.96 billion (US$2.68 billion) for the year ended 31 March 2008. More information can be found @ www.singtel.com and www.optus.com.au.
About NCS Group
NCS Group is a leading information technology (IT) and communications engineering services provider with more than 5,000 staff located in more than 10 countries across the Asia Pacific andMiddle East regions.
NCS has in-depth domain knowledge and unique delivery capabilities which focus on defining, realising and sustaining Business Value for its Customers via the innovative use of technology.
With proven expertise in consulting, development, systems integration, outsourcing, infrastructure management and solutions, gained while serving government and commercial organisations across the region, NCS delivers end-to-end support for every organisation’s technology needs.
NCS is headquartered in Singapore and is a wholly-owned subsidiary of the Singtel Group.