Indian mobile operator Reliance Communications (RCom) has received approval to list its cable unit, Flag Telecom, on the Singapore Stock Exchange.
“On 12 June 2012, the Singapore Securities Trading Limited has granted ‘eligibility to list’ the…
Indian mobile operator Reliance Communications (RCom) has received approval to list its cable unit, Flag Telecom, on the Singapore Stock Exchange.
“On 12 June 2012, the Singapore Securities Trading Limited has granted ‘eligibility to list’ the business trust subject to the requisite conditions being satisfied,” RCom stated.
In early April, the telco had confirmed that it was considering an IPO of Flag as a business trust. A 75% stake in the cableco is estimated to fetch up to US$1bn and would allow RCom to cut its mounting debt load.
It is suggested that Standard Chartered, DBS Group, Industrial and Commercial Bank of China (ICBC), and Deutsche Bank have been hired as advisers on the process.
