The purchaser of this shares was BS Group Holdings. This sees Temasek’s deemed interest in StarHub reduced to 55.97 per cent from 56.02 per cent. As at 22 November, StarHub, which is listed on the Singapore Exchange (SGX), posted a market capitalisation of S$4.92 billion ($3.63 billion).
Temasek is among the largest state investment funds worldwide and has a substantial exposure to the financial sector, having stakes in a number of Chinese banks, the supra-regional bank DBS and international bank Standard Chartered.
Temasek and its various affiliates maintain an interest in Starthub, with the major shareholders of StarHub being Asia Mobile Holdings, a mobile telecoms investment company jointly held by ST Telemedia and Ooredoo in a 75:25 arrangement, and NTT Communications Corporation, a wholly-owned subsidiary of Nippon Telegraph and Telephone Corporation (NTT), a Japanese telecoms conglomerate.
StarHub has a number of subsidiaries that operate in the telecommunications, cable television and broadband space and has been investing in areas such as cybersecurity and Internet of Things (IoT), under its enterprise business.
In October, StarHub announced a partnership with OCBC Bank in a move that would see them invest S$6 million over the next 12 months in research and technology, with a focus on Big Data, artificial intelligence and the Internet of Things (IoT).
This is part of a move to expand beyond conventional industry silos, with the aim of developing networks of partnerships across multiple industries, including transport, retail, insurance, health and wellness, and real estate.
The sale of the shares follows the recent announcement by StarHubs’ chief executive officer Tan Tong Hai of his plans to leave his post by May 2018 to pursue his own interests.
Tan, joined StarHub in 1999 and had previously worked with Pacific Internet and Singapore Computer Systems prior to becoming StarHubs’ COO in January 2009. He was to CEO and Executive Director of StarHub in 2013, succeeding Neil Montefiore.