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STT picks up U Mobile stake
Singapore Technologies Telemedia (STT) has confirmed that it would take a 33% stake in U Mobile for US$306m via a rights issue.
STT chief executive Lee Theng Kiat said that the deal was a “strategic decision” and that he saw “enormous potential in U…
Singapore Technologies Telemedia (STT) has confirmed that it would take a 33% stake in U Mobile for US$306m via a rights issue.
STT chief executive Lee Theng Kiat said that the deal was a “strategic decision” and that he saw “enormous potential in U Mobile’s abilities to become a significant player in Malaysia.”
Last year, both NTT DoCoMo and KTF exited cash-strapped U Mobile leaving tycoon Tan Sri Vincent Tan as the major shareholder through parent company U Television.
Tan will now sell a portion of his stake to Temasek-owned STT.
