Singtel indirect wholly-owned subsidiary’s general offer declared unconditional
Singapore, 30 September 2008 -- Singapore Telecommunications Limited (Singtel) today announced that the mandatory general offer by its indirect wholly-owned subsidiary, Computer Systems Holdings Pte. Ltd. (the Offeror), for the shares of Singapore Computer Systems Limited (SCS) has been declared unconditional.
SCS shareholders, who have submitted valid acceptances of the offer received on or before 30 September 2008, will be paid within ten days of that date and those who submit valid acceptances of the offer after 30 September 2008, will be paid within ten days of the date of receipt of such acceptances.
CSH is offering S$1.50 a share to buy the remaining shares of SCS after acquiring approximately 60 per cent of SCS as of 25 August 2008. The closing date of the Offer will be extended from 5.30 pm on 17 October 2008 to 5.30 pm on 31 October 2008 (or such later date (s) as may be announced from time to time by or on behalf of the offeror.) As of 30 September 2008, CSH has received acceptances of 29,264,357 shares representing approximately 18.442 per cent of SCS.
Mr Allen Lew, Singtel Singapore Chief Executive Officer, said: ‘’We are pleased the general offer has gone unconditional and we can start focussing on driving synergies between the two companies. I am confident the combination of SCS’ and NCS’ businesses will better position the enlarged group to compete locally and regionally.”
The Offeror is a wholly-owned subsidiary of NCS Pte. Ltd. (NCS), which is in turn, 100 per cent-owned by Singtel.
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 Philippines and 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 and Middle 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.