Singapore: Temasek trims stake in telecom operator StarHub

Photo: Reuters

Singapore state investor Temasek Holdings has reduced its stake in city-state telecom operator StarHub, following its associate company, DBS Bank, offloading 900,000 shares worth SS$2.45 million.

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.

Also Read:

SEA Dealbook: OCBC, StarHub to invest $4.4m in tech; VinaCapital earns $64m in exit proceeds

Singapore: StarHub to acquire remaining 49% of Accel Systems for $18.9m

Qatari telecom carrier Ooredoo mulls stake sale in Singapore’s StarHub

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.