Billionaire Xavier Niel, the owner of French operator Free Mobile, has invested S$10m (US$8m) in MyRepublic, a Singaporean ISP which is looking to become the city-state’s fourth telco.
CEO Malcolm Rodrigues told local publication Today that Niel,…
Billionaire Xavier Niel, the owner of French operator Free Mobile, has invested S$10m (US$8m) in MyRepublic, a Singaporean ISP which is looking to become the city-state’s fourth telco.
CEO Malcolm Rodrigues told local publication Today that Niel, along with Sinar Mas-owned Indonesian telco Sunshine Network, became new shareholders in the company after investing a total S$30m (US$24m).
The investment is said to be necessary to MyRepublic’s ambitions to provide mobile services in Singapore and to expand to New Zealand and Australia.
Last month, the ISP reportedly applied to become a new entrant in the wireless industry, which is already home to SingTel, Starhub and Axiata’s M1, after the country’s regulator requested feedback on the allocation of spectrum to enhance mobile competition.
Rodrigues said that rolling out a mobile network will cost approximately S$250m (US$201.4m). The proposal has yet to be approved.
MyRepublic, just like Free Mobile in its home market, has been a disruptive force in Singapore’s broadband industry by offering lower prices than its competitors. It is now considering consolidation deals, Rodrigues said.
The companies were not immediately to comment on the development.
