OpenNet Is Selected To Be Singapore's Next Generation National Broadband Network Company
BackSep 26, 2008We refer to Singapore Press Holding Limited's ("SPH") announcement issued on 5 May 2008, on the formation of the OpenNet consortium comprising SPH (25%), Axia NetMedia Corporation (30%), Singapore Telecommunications Limited (30%) and SP Telecommunications Pte Ltd (15%), to jointly submit a proposal to provide the passive fibre grid services for Singapore's Next Generation National Broadband Network project.
SPH is pleased to announce that OpenNet's proposal has been selected by the InfoComm Development Authority of Singapore, details of which are set out in the attached Media Release.
The project will be funded by a combination of shareholders' equity, government grant, operating cashflow and external funding. OpenNet forecasts its shareholder investment requirements to be in the range of S$120 million to S$160 million, which will be required during the construction and commissioning phase. SPH's share will range from S$30 million to S$40 million.
The proposed investment by SPH is not expected to have any material impact on the net tangible assets per share or earnings per share of the Company for the current financial year ending 31 August 2009.
As previously mentioned, Mr Alan Chan Heng Loon, CEO and Director of SPH, is also a Director of Singapore Power Limited, the holding company of SP Telecommunications Pte Ltd. Except as disclosed herein, none of the Directors of SPH has any interest, direct or indirect, in the matter.
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