It is also to reduce to 10% the shares it can issue under a general mandate
(SINGAPORE) Singapore Telecommunications (SingTel) has proposed that its group chief executive, as a director, be subject to the same provisions as the rest of the board - once again taking the lead in raising corporate governance standards.
In addition, Singapore's biggest listed company has agreed to reduce to 10 per cent from 15 per cent the amount of shares it can issue under a general mandate - which has been a contentious issue for minority shareholders worried about dilution.
In its annual report sent to shareholders yesterday, SingTel proposes to amend its Articles of Association to subject the group CEO, as a director, to the same retirement by rotation, resignation and removal provisions as other directors. And 'such provisions will not be subject to any contractual terms that he/she may have entered into with the company'.
At present, the CEO, as a director, is subject to the same retirement by rotation, resignation and removal provisions as the other directors of the company - but this is subject to any contractual terms the person has with the company.
SingTel spokesman Chia Boon Chong declined to reveal the contract terms of Chua Sock Koong, who joined the board in October 2006 and was made group CEO on April 1, 2007.
'This alteration is to make it clear that the CEO, as a director, is subject to the same retirement by rotation, resignation and removal provisions as the other directors and that such provisions will not be subject to any contractual terms that they may have entered into with the company,' Mr Chia said. 'This is part of SingTel's policy to continually assess and improve on its corporate governance practices.'
On the share issue mandate, SingTel is asking shareholders to allow it to lower to 10 per cent from 15 per cent the number of new shares it can issue in a year.
Singapore listing rules allow companies, subject to an annual vote, to issue up to 20 per cent new shares without the need to get additional shareholders' approval, usually for the purpose of funding an acquisition or increasing capital. In Australia, where SingTel is also listed, the share issue mandate is 15 per cent.
But minorities are not happy with this as it dilutes their stake. At SingTel's past shareholders' meetings, this resolution has attracted the highest number of 'no' votes - though parent Temasek's votes have ensured it got through.
'The directors believe that a lower sub-limit of 10 per cent . . . will at present sufficiently address the company's need for flexibility to raise capital and pursue business opportunities whilst providing shareholders enhanced protection against dilution,' SingTel said.
Hugh Young, managing director of Aberdeen Asset Management, said that it is reasonable for a company to have a mandate, which is especially useful when it comes across an acquisition and may have to act fast.
'It's a question of quantum,' he said. 'We do typically vote in favour of 10 per cent - it is within our levels of comfort. Anything over 10 per cent, we are against.'
Mr Young said that his fund owns SingTel shares and has voted against the share issue mandate in the past. But he is full of praise for SingTel's latest moves on improving its corporate governance practices.
'I must not be so laudatory, but they are pretty much a paragon of virtue when it comes to corporate governance,' he said.
Showing posts with label Singtel. Show all posts
Showing posts with label Singtel. Show all posts
Friday, June 27, 2008
SingTel pays $141 mln for more Globe shares
SingTel has bought an additional 3.8 million Globe Telecom shares from Ayala Corporation for 4.6 billion pesos (US$102.8 million).
The acquisition will raise the Singapore telco's stake in Globe -- the second-largest Philippine phone company -- to 47.34 per cent from 44.47 per cent.
Ayala plans to reinvest the 4.6 billion pesos from the sale in its electronic manufacturing and outsourcing businesses, it said in a statement on Friday.
Manila-based Ayala also owns the nation's largest bank by market value and the largest builder.
'Our value as a holding company lies in our ability to re- allocate and turn over capital in order to start new investment cycles,' Ayala chairman and chief executive officer Jaime August Zobel de Ayala said in the statement.
BT Newsroom
The acquisition will raise the Singapore telco's stake in Globe -- the second-largest Philippine phone company -- to 47.34 per cent from 44.47 per cent.
Ayala plans to reinvest the 4.6 billion pesos from the sale in its electronic manufacturing and outsourcing businesses, it said in a statement on Friday.
Manila-based Ayala also owns the nation's largest bank by market value and the largest builder.
'Our value as a holding company lies in our ability to re- allocate and turn over capital in order to start new investment cycles,' Ayala chairman and chief executive officer Jaime August Zobel de Ayala said in the statement.
BT Newsroom
Friday, June 20, 2008
SingTel says in talks with Chinese telecoms
SingTel, Southeast Asia's largest telecoms firm, is in talks with operators in China about investing in the world's biggest telecoms market, which is being overhauled and opened to foreign investors.
"It's a market we have been monitoring. We have been in discussions with various operators in the China market," Singapore Telecommunications Ltd CEO Chua Sock Koong told reporters on the sidelines of an industry conference.
Last month, Beijing unveiled a long-awaited sector revamp, aimed at improving competition and rolling out high-speed third-generation mobile services, in what has been called the world's largest industrial reorganisation.
The restructure also opens the door to foreign investors who have been restricted to taking small stakes, such as Vodafone's 3.3 percent investment in China Mobile Ltd.
"We are not financial investors, we want to make investments as strategic partners, and the stake is one that would give us the necessary governance rights and involvement at the board and management level," Chua said.
"There are ongoing engagements but no deal has been done," she added, without naming any firms.
China has about 575 million mobile subscribers, and adds some 4 million new users every month.
Mobile penetration stands at slightly above 40 percent.
"China is a very large market -- there are a fair amount of opportunities there," Chua added.
Earlier this month, media reports citing unnamed sources said SingTel was considering investing in fixed-line operator China Telecom Corp, although there have been no formal talks.
This follows China Telecom's comments that it was in talks to sell a stake to a strategic investor and had been approached by four or five companies.
China Unicom early this month paid $24 billion for a fixed-line rival and sold a network for almost $16 billion as part of the industry reshuffle.
SingTel, which derives about two thirds of its pretax earnings from operations outside Singapore, is seeking acquisitions in growth markets to expand its earnings by double-digits over the medium term.
SingTel was actively involved last month in potential takeover talks between India's top mobile operator Bharti Airtel Ltd , in which it owns an around 30 percent stake, and South Africa's MTN Group Ltd , according to a source familiar with the situation.
But Bharti's talks with MTN collapsed over how the two would structure a combined entity.
State-controlled SingTel, Singapore's largest listed company, holds stakes in various mobile operators in markets ranging from Pakistan to Indonesia. It also owns Australia's second-largest telecoms firm Optus.
"It's a market we have been monitoring. We have been in discussions with various operators in the China market," Singapore Telecommunications Ltd CEO Chua Sock Koong told reporters on the sidelines of an industry conference.
Last month, Beijing unveiled a long-awaited sector revamp, aimed at improving competition and rolling out high-speed third-generation mobile services, in what has been called the world's largest industrial reorganisation.
The restructure also opens the door to foreign investors who have been restricted to taking small stakes, such as Vodafone's 3.3 percent investment in China Mobile Ltd.
"We are not financial investors, we want to make investments as strategic partners, and the stake is one that would give us the necessary governance rights and involvement at the board and management level," Chua said.
"There are ongoing engagements but no deal has been done," she added, without naming any firms.
China has about 575 million mobile subscribers, and adds some 4 million new users every month.
Mobile penetration stands at slightly above 40 percent.
"China is a very large market -- there are a fair amount of opportunities there," Chua added.
Earlier this month, media reports citing unnamed sources said SingTel was considering investing in fixed-line operator China Telecom Corp, although there have been no formal talks.
This follows China Telecom's comments that it was in talks to sell a stake to a strategic investor and had been approached by four or five companies.
China Unicom early this month paid $24 billion for a fixed-line rival and sold a network for almost $16 billion as part of the industry reshuffle.
SingTel, which derives about two thirds of its pretax earnings from operations outside Singapore, is seeking acquisitions in growth markets to expand its earnings by double-digits over the medium term.
SingTel was actively involved last month in potential takeover talks between India's top mobile operator Bharti Airtel Ltd , in which it owns an around 30 percent stake, and South Africa's MTN Group Ltd , according to a source familiar with the situation.
But Bharti's talks with MTN collapsed over how the two would structure a combined entity.
State-controlled SingTel, Singapore's largest listed company, holds stakes in various mobile operators in markets ranging from Pakistan to Indonesia. It also owns Australia's second-largest telecoms firm Optus.
Thursday, June 5, 2008
高通、SK电讯和新加坡电信有意入股中国电信
《东方早报》网站周二晚间报导称，中国电信股份有限公司(China Telecom Corp., CHA, 简称：中国电信)的潜在战略投资者包括高通公司(Qualcomm Inc., QCOM)、新加坡电信(Singapore Telecommunications Ltd., SGAPY, 简称：新电信)和SK电讯(SK Telecom Co. , SKM)，报导未提供消息来源。
报导称，高通已经在与中国电信谈判入股事宜，而新电信和SK电讯也都向中国电信抛出了橄榄枝，但报导没有作出具体说明。
报导称，由于中国电信将收购中国联通股份有限公司(China Unicom Ltd. , CHU)的CDMA网络，高通可能降低向中国电信收取的CDMA技术专利权使用费，作为入股协议的一部分。
报纸网址：http://www.dfdaily.com/
报导称，高通已经在与中国电信谈判入股事宜，而新电信和SK电讯也都向中国电信抛出了橄榄枝，但报导没有作出具体说明。
报导称，由于中国电信将收购中国联通股份有限公司(China Unicom Ltd. , CHU)的CDMA网络，高通可能降低向中国电信收取的CDMA技术专利权使用费，作为入股协议的一部分。
报纸网址：http://www.dfdaily.com/
Thursday, March 20, 2008
Singtel win Singapore rights
UEFA has awarded the exclusive rights for the UEFA Champions League and UEFA Cup for the period between 2009 and 2012 in Singapore to Singtel. The rights will be exploited across Singtel's IPTV, internet and mobile platforms.
Club competition coverageLive coverage of UEFA Champions League, UEFA Super Cup and UEFA Cup matches will be shown on their Live Sports channels, as well as being streamed via the Internet on www.ideas.singtel.com and on Singtel's mobile portal.
Tremendous popularity"We are excited at the prospect of working with a new partner in the form of Singtel," said UEFA. "The commitment they have made to acquire the media rights is evidence of the tremendous popularity of the UEFA Champions League and the UEFA Cup in Singapore. UEFA also thanks ESPN Star Sports and StarHub, for their excellent contribution to broadcasting the UEFA Champions League and UEFA Cup respectively."
Marketing agentsTEAM Marketing AG is the exclusive marketing agent of UEFA for the UEFA Champions League, UEFA Super Cup and UEFA Cup.
Friday, January 4, 2008
Singapore Telecommunications (Singtel)
03 Jan 2008
The parent company of the Optus communications group, Singapore Telecommunications (SingTel), has taken an equity stake in the fast-growing Taiwanese market.
SingTel paid A$234 million for a 4 percent holding in Far EasTone Telecommunications as part of an agreement struck last August. Under the deal, SingTel was forced to sell its 24.5 percent shareholding in another company, New Century InfoComm Tech.
SingTel does not have a large presence in Taiwan, but it has had an office in Taipei since mid-1998.
02 Jan 2008
Singapore Telecommunications, Southeast Asia's top phone firm, said it would record an exceptional gain of around S$118 million ($82 million) and post a S$96 million ($67 million) from the disposal of a stake in a Taiwan company.
The parent company of the Optus communications group, Singapore Telecommunications (SingTel), has taken an equity stake in the fast-growing Taiwanese market.
SingTel paid A$234 million for a 4 percent holding in Far EasTone Telecommunications as part of an agreement struck last August. Under the deal, SingTel was forced to sell its 24.5 percent shareholding in another company, New Century InfoComm Tech.
SingTel does not have a large presence in Taiwan, but it has had an office in Taipei since mid-1998.
02 Jan 2008
Singapore Telecommunications, Southeast Asia's top phone firm, said it would record an exceptional gain of around S$118 million ($82 million) and post a S$96 million ($67 million) from the disposal of a stake in a Taiwan company.
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