Singapore Telecommunications (SingTel) (STEL.SI), Southeast Asia’s largest telecommunication firm, said on Monday it has set up a business trust for its broadband Internet-related infrastructure assets.
NetLink Trust, is 100% owned by SingTel. CityNet Infrastructure Management, wholly owned by Singapore’s CitySpring Infrastructure Trust (CITY.SI), will act as the trustee manager.
SingTel said it would transfer assets worth $1.89 billion to CityNet in its capacity as trustee manager.
The assets comprise ducts and manholes used by OpenNet and seven exchange buildings and SingTel’s business of providing duct and manhole services in relation to the assets, SingTel said in a disclosure to the stock exchange.
SingTel has said it will reduce its stake in the business trust to less than 25% by April 2014, subject to relevant approvals.
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