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 yesterday.
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% in U Mobile. U Mobile will cease to be a subsidiary of STT once the transaction is completed.
STT currently holds a 49% shareholding in U Mobile’s issued ordinary share capital through Straits Mobile Investments.
STT added that it has been a strategic shareholder in U Mobile since March 2010. — Bernama
