Financial instruments to form integral part of SST's stake in U Mobile


SINGAPORE: Financial instruments will form part of the sale of ST Telemedia’s (STT) stake in U Mobile once certain conditions precedent to the completion of the sale are satisfied.

Singapore-headquartered STT said this includes the receipt of relevant regulatory approvals.

“As part of supporting U Mobile’s growth, STT has, from time to time, provided funding to the company in the form of certain financial instruments,” it said in a statement today.

On Dec 4, STT announced that its wholly owned subsidiary, Straits Mobile Investments Pte Ltd, had entered into a conditional share purchase agreement with Mawar Setia Sdn Bhd to acquire its share in U Mobile.

Straits Mobile Investments will hold a minority stake of approximately 20 per cent in U Mobile. U Mobile will cease to be a subsidiary of STT once the transaction is completed.

STT currently holds a 49 per cent shareholding in U Mobile’s issued ordinary share capital through Straits Mobile Investments.

“(This is) consistent with U Mobile’s disclosures with the Companies Commission of Malaysia (SSM),” it said.

STT added that it has been a strategic shareholder in U Mobile since March 2010. - Bernama

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ST Telemobile , U Mobile

   

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