September 30, 2008
OpenNet Consortium Wins Singapore Broadband Deal
An OpenNet consortium led by SingTel and Axia NetMedia has won a deal from Infocomm Development Authority of Singapore (IDA) to build Singapore's planned ultra high-speed broadband network. The consortium beat a rival bid from StarHub and Qatar Investment Authority.
SingTel and Axia NetMedia each hold a 30% stake in the consortium, Singapore Press holds 25% while the remaining 15% is held by Singapore Power Telemedia.
To meet IDA's requirement, SingTel will transfer certain passive infrastructure such as relevant manholes, ducts, and exchange buildings to a separate wholly-owned entity Asset Company (AssetCo) within two years, and will reduce its stake in the AssetCo within five years.
Allen Lew, chief executive at SingTel, said: "We are pleased that OpenNet's proposal, which exceeds the requirements of the iN2015 blueprint in areas like design and timeline, has been recognized and accepted by IDA. The compelling proposal is a result of the strengths of each consortium partner, such as SingTel's extensive high-quality network of ducts, technical expertise and our considerable experience in deploying fiber in Singapore."