Singapore Communication Investments Pte Ltd (SingCom), the investment arm of the Telecommunication Authority of Singapore (TAS), has divested 30% of its equity stake in 1-Net Singapore Pte Ltd to Pacific Internet and Cyberway ...
Singapore, 20 May 1997 | For Immediate Release
Singapore Communication Investments Pte Ltd (SingCom), the investment arm of the Telecommunication Authority of Singapore (TAS), has divested 30% of its equity stake in 1-Net Singapore Pte Ltd to Pacific Internet and Cyberway, the two Internet Access Service Providers (IASPs) licensed by TAS.
Pacific Internet and CyberWay will each receive 15% of shares in 1-Net from SingCom's 40% equity stake. SingCom retains 10% of its 1-Net equity stake. The other IASP, SingNet, is already represented in 1-Net by parent company SingTel, which holds a 30% stake in 1-Net. The last shareholder, Singapore Cable Vision, also holds a 30% share of 1-Net.
Many services and applications are currently Internet Protocol (IP) based and participation of the IASPs will enhance 1-Net's reach to service providers and users. This new arrangement will provide added synergy to both the development of the Singapore ONE project as well as that of the high speed Internet. In addition, this move will encourage more private sector participation in the Singapore ONE development.
Both IASPs have expressed their commitment through various strategies in extending the Singapore ONE network to aid both service providers and end-users. Pacific Internet's CEO, Mr Nicholas Lee, stated that "Pacific Internet's stake in 1-Net underscores our strong commitment to providing our Internet users with the benefits of Singapore ONE. We look forward to playing a bigger role in providing user input for Internet connections and applications. On our own, we will also be developing new services to integrate with the Singapore ONE network".
Similarly, GM of CyberWay, Mr Cheah Cheng Poh said, "We believe our expertise in designing and operating large scale national networks will benefit the Singapore ONE consortium. CyberWay will provide high speed Internet access to homes and businesses. It will assist organisations to deliver entertaining and info-rich multi-media services to Singapore ONE and provide value-added services to Singapore ONE users, such as international roaming and enhanced electronic mail services".
Background to Editor:
1-Net was jointly formed early this year by SingCom, Singapore Cable Vision and SingTel, to plan, construct and operate the Singapore ONE core network infrastructure.
1-Net Singapore Pte Ltd has earlier awarded a S$5.9 million broadband network equipment contract to Alcatel Singapore Pte Ltd for the supply and construction of the Singapore ONE core network. The initial core network for Singapore ONE is expected to be ready for the launch of pilot multimedia broadband services in June this year. Users can access Singapore ONE services, including fast Internet, via ADSL (Asymmetrical Digital Subscriber Line) modems or cable modems.
TAS, NCB and NSTB jointly initiated the Singapore ONE project in 1996 as the Government's effort to jump-start the broadband network and services in Singapore.