Singtel, Singapore’s largest mobile operator, secured conditional approval from the Singapore Exchange (SGX) to list its fibre broadband network subsidiary NetLink Trust.
The operator, which holds a 49 per cent share of the market, in February made a commitment to the Infocomm Media Development Authority (IMDA) to divest its 100 per cent stake in NetLink Trust to less than 25 per cent by 22 April 2018.
NetLink Trust designs, builds, owns and operates the passive infrastructure for Singapore’s Next Generation Nationwide Broadband Network (NextGen NBN). Under the IMDA’s structural separation requirements for the NextGen NBN, Singtel does not have effective control in NetLink Trust.
The operator announced SGX issued a conditional eligibility-to-list letter in relation to the listing on its mainboard. Singtel appointed DBS Bank, Morgan Stanley and UBS to advise on the IPO.
In a statement, Singtel said the listing will be subject to, among other things, market conditions, the relevant regulatory and other approvals being obtained, and the execution of definitive agreements by the relevant parties.