StarHub seals S$105m MyRepublic buyout as Keppel strikes S$1.43b M1 deal with Simba in telco shake-up
According to a report published in CNA, StarHub, which already owned 50.1 per cent of MyRepublic Broadband, has bought the remaining 49.9 per cent stake along with the MyRepublic brand in Singapore and key operational assets.
The deal comprises S$94.3 million for shares and S$10.9 million for assets, according to a Singapore Exchange filing.
'This isn't just an acquisition. It's an acceleration,' said StarHub chief executive Nikhil Eapen, adding that full ownership will allow the company to 'move faster, go further' in a consolidating broadband market where scale, quality and resilience are increasingly important.
The telco said there are no immediate plans for restructuring or changes to existing services.
MyRepublic said its mobile operations in Singapore and New Zealand, and its digital platform arm, will continue as usual.
On Monday, Keppel said it would sell its 83.9 per cent stake in M1's telecom business to Simba — owned by Australia-listed Tuas — while retaining M1's ICT operations, including data centres and subsea cables.
Keppel will receive S$1 billion in cash proceeds from the sale, which CEO Loh Chin Hua called 'a strategic path to sustainable growth' for the sector.
Simba currently holds 14.4 per cent of Singapore's postpaid mobile market and less than 1 per cent of broadband, while M1 has 23.9 per cent and 15 per cent respectively.
The combined entity aims to expand its mobile and broadband footprint, accelerate 5G rollout, and strengthen its enterprise platform.
Both transactions require approval from the Infocomm Media Development Authority, which said it will assess the deals to ensure they support competition, benefit consumers and promote sustainable growth.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
2 hours ago
- Free Malaysia Today
Sea's sales top estimates as online shoppers keep spending
Shopee's second-quarter revenue rose 34% to US$3.8 billion. (Reuters pic) SINGAPORE : Sea Ltd's second-quarter sales beat analysts' estimates as more of Southeast Asia's consumers turn to online shopping for anything from iPhones to daily groceries. Revenue rose 38% to a record US$5.26 billion in the three months through June, the company said in a statement. Analysts estimated US$5 billion on average. Net income jumped to US$414.2 million from US$79.9 million a year earlier, but fell short of the US$444 million analysts predicted. Sea's American depositary receipts jumped as much as 20% after markets opened in New York today, their biggest intraday gain in nine months. The results assuage some concerns about the prospects of e-commerce arm Shopee. The region's top online retail platform is battling deep-pocketed global challengers including ByteDance Ltd's TikTok Shop and Alibaba Group Holding Ltd's Lazada. Emerging players like Shein and PDD Holdings Inc's Temu are also looking to break into the emerging region of 675 million people where more and more shoppers are coming online. To boost its bottom line, Shopee has been steadily raising the commissions it charges merchants in various core markets by about a third since the start of last year. The hikes, which bring Shopee's fees above its rivals, show that Sea is confident it can attract and retain merchants, helped by a broad user base and well-established delivery services. Shopee's second-quarter revenue rose 34% to US$3.8 billion, thanks in part to surging commissions and ad revenue. Sea is also betting on new initiatives from digital finance to logistics to grow its dominance and convince investors of its growth potential. Its logistics arm SPX Express now handles the majority of Shopee's billions of parcels annually, while its finance arm – now known as Monee – increased sales 70% last quarter to US$882.8 million. Bookings at gaming division Garena rose 23%. 'In the past, cash flow from Sea's gaming arm Garena was used to grow Shopee and Monee, but now Shopee and Monee are in healthier capital positions,' Hussaini Saifee, an analyst at Maybank Securities, said before the results. 'Sea can now invest in further developing Garena which has also made a strong rebound over the last year and a half.'
The Star
3 hours ago
- The Star
Do Kwon to plead guilty to US conspiracy, fraud charges in $40 billion crypto collapse
FILE PHOTO: Police officers escort Terraform Labs co-founder Do Kwon after he served a sentence for document forgery, in Podgorica, Montenegro, March 23, 2024. REUTERS/Stevo Vasiljevic/File Photo NEW YORK (Reuters) - Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, is planning to plead guilty on Tuesday totwo charges ofconspiracy to defraud and wire fraud, a judge said at a U.S. court hearing. U.S. District Judge Paul Engelmayer is expected to ask Kwon, who co-founded Singapore-based Terraform Labs and developed the TerraUSD and Luna currencies, a series of questions before formally asking him to enter the plea. Kwon, 33, had pleaded not guilty in January to a nine-count indictment charging him with securities fraud, wire fraud, commodities fraud and money laundering conspiracy. He was accused of misleading investors in 2021 about TerraUSD, a so-called stablecoin designed to maintain a value of $1. Kwon allegedly told investors a computer algorithm known as "Terra Protocol" had restored the coin's value when it slipped below its peg in May 2021, when in fact he arranged for a high-frequency trading firm to secretly buy millions of dollars of the token to artificially prop up its price. Prosecutors with the Manhattan U.S. Attorney's office said that false claim and others drove retail and institutional investors to buy Terraform products and boost the value of Luna, a more traditional token developed by Kwon that fluctuated in value but was closely linked to TerraUSD, to $50 billion by the spring of 2022. Kwon hadagreed in 2024 topay an $80 million civil fineand be banned from crypto transactions as part of a $4.55 billion settlement that he and Terraform reached with the U.S. Securities and Exchange Commission. Kwon has been detained since his extradition from Montenegro late last year. He is one of several cryptocurrency moguls to face federal charges after a slump in digital token prices in 2022 prompted the collapse of a number of companies. (Reporting by Luc Cohen in New York; Editing by Chizu Nomiyama )
Malay Mail
4 hours ago
- Malay Mail
Labuan batik set to dazzle the world: From local art to global fashion statement
LABUAN, Aug 12 — Labuan Batik is set to step onto Malaysia's fashion stage before making its mark internationally, celebrated for its vibrant colours, floral and marine-inspired motifs and deep connection to the island's cultural heritage. With distinctive artistry and innovative techniques, the craft is gaining momentum as one of Labuan's most promising cultural exports. The newly established Labuan Warisan (LAWA) Craft Gallery, officially opened by Her Majesty Raja Zarith Sofiah, Queen of Malaysia, on July 27, has quickly become a must-visit destination for both local and international visitors. Within just weeks of its opening, the gallery has become a cultural hub, offering a first-hand look at the creative process behind batik-making and serving as a showcase of Labuan's distinctive artistry. Visitors can watch artisans at work, learn about the painstaking stages of batik production and purchase pieces that carry the island's identity. Labuan batik stands apart for its innovative use of sago, a starch extracted from the pith of the sago palm (Metroxylon sagu), as the primary resist material in place of conventional candle wax. Applied with a canting or brush, sago creates intricate patterns while being environmentally friendly and abundant in Labuan. This eco-conscious choice not only strengthens the island's sustainability credentials but also sets Labuan batik apart as an art form that reflects its unique natural resources. At the forefront of this movement is Mastura Abd Razak, 44, a Labuan-born Bruneian and the sole batik entrepreneur on the island. Labuan local Bruneian and the sole batik entrepreneur, Mastura Abd Razak, 44, crafting Batik Linut in the workshop at Galeri Lawa Labuan. — Bernama pic Trained by the Sabah branch of the Malaysian Handicraft Development Corporation (Kraftangan Malaysia), Mastura operates the business with her husband, Abd Rahmad Abd Malik, 45, who is from Sarawak. The couple's workshop at LAWA has become a focal point for cultural appreciation, skill transfer and heritage preservation. Mastura has also begun receiving orders from government agencies and corporate sectors, in addition to serving individual customers. Their enterprise enjoys full support from the Department of Federal Territories (JWP), whose backing has enabled the expansion of batik promotion initiatives and the participation of Labuan batik in local and regional exhibitions. Speaking to Bernama, Mastura believes such support is crucial to raising the profile of Labuan batik nationally and internationally. 'With continuous government backing, Labuan batik can stand shoulder-to-shoulder with Terengganu's batik on the international stage. 'Within the next five years, I envision Labuan batik being worn by well-known models at fashion shows in Malaysia and abroad. It will be our island's gift to the world, a keepsake for visitors and a statement piece for global markets,' she said. Mastura said beyond the artistic value, the rise of Labuan batik also holds economic potential, as unique cultural products like batik offer a strong selling point for visitors seeking authentic souvenirs. She said if marketed effectively, Labuan batik could contribute to the island's creative economy, create job opportunities for local artisans, and position Labuan as a niche destination for cultural tourism. — Bernama
