Singapore sale will boost BT
TELECOMS company BT Group will get an injection of cash next month with the long-awaited sale of its 11.7% stake in Singapore mobile and cable company, StarHub.
The loss-making Asian operator has lodged a listing prospectus with regulators in the city-State, where it is the number three mobile company and the sole provider of cable television services.
The company could be valued at up to S$2.5bn (£809m), with the partial listing raising S$700m, analysts and Press reports suggest. This puts a value on BT's entire stake of about £95m.
No new shares will be issued in the listing, allowing StarHub's founding shareholders to cash in some of their holdings.
It is unclear, however, whether shareholders will have to sell down their stakes in proportion to the size of their existing holdings, or whether some of the smaller players, including BT, will be allowed to exit completely.
