SingTel says no decision to sell Optus

November 11, 2009
Singapore Democrats

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AAP

Singapore Telecommunications Ltd chief executive Chua Sock Koong says the company has not decided to sell a stake in its Australian subsidiary Optus.

Ms Chua was responding to recent speculation the telco was considering the sale of a minority stake in Optus through an initial public offer.

Her comments came after the group issued its second quarter results on Wednesday.

“I really don’t know where that came from,” Ms Chua told journalists.

“As a group, we do review the investments that we have in our business subsidiaries. If it’s in the best interests of our shareholders to list or to sell shares in our subsidiaries, we would be prepared to look at that,” she said.

“But that is only after a very careful review to make sure the transactions would be value-accretive.

“Certainly no decision has been made on listing Optus.”

It has been reported that SingTel was reviewing a possible sale of Optus but a final decision was yet to be made and was unlikely to occur this calendar year.

“I really do not know where the timeline ideas came from,” Ms Chua said.

“No decision of any sort has been made.”

SingTel acquired Optus in 2001.

Locally traded SingTel shares were up five cents, or 2.21 per cent, to $2.31 at 14:05 AEDT.

http://news.brisbanetimes.com.au/breaking-news-business/singtel-says-no-decision-to-sell-optus-20091111-i99o.html