Following the close of the public consultation on the proposed Telecom Consolidation Guidelines1, the Infocomm Development Authority of Singapore (IDA) issued today a revised draft of the Telecom Consolidation Guidelines, to gather additional feedback on the regulatory framework for mergers and acquisitions...
Singapore, 07 May 2003| For Immediate Release
Following the close of the public consultation on the proposed Telecom Consolidation Guidelines1, the Infocomm Development Authority of Singapore (IDA) issued today a revised draft of the Telecom Consolidation Guidelines, to gather additional feedback on the regulatory framework for mergers and acquisitions. The additional feedback is required in view of rapid changes in the Singapore telecommunications market in 2002.
Together with the Telecom Consolidation Guidelines, IDA is also seeking public comments on two new documents:
(1) Proposed amendment to Section Nine of the Telecom Competition Code2, and
(2) Proposed 'Advisory Guidelines for Tender Offer Process where the Singapore Code of Take-overs and Mergers Applies', or in short, 'Tender Offer Guidelines'3.
This public consultation exercise supplements IDA's review of the current regulatory framework for ownership changes and consolidations. The comprehensive review is in line with IDA's efforts to engage the public in its decision-making process, increase regulatory transparency, and to ensure that its policies are relevant in a constantly evolving market.
All views and comments should be submitted in writing to reach IDA before 12 noon, 30 May 2003. Based on comments received, IDA will consider appropriate modifications to the proposed draft documents.
The consultation paper can be downloaded from IDA's website at https://www.imda.gov.sg/, under the sections "Policies & Regulation", "Consultation Papers & Decisions".
ISSUED BY CORPORATE COMMUNICATION DIVISION
INFOCOMM DEVELOPMENT AUTHORITY OF SINGAPORE
Notes to Editors:
1 The first public consultation exercise for the proposed Telecom Consolidation Guidelines, also known as the "Proposed Advisory Guidelines Governing Applications for Licence Assignments or Changes in Ownership of a Licensee in Connection with a Proposed Consolidation", commenced on 16 October 2001. After repeated requests by the industry for an extension of the consultation period, the consultation exercise was closed on 19 November 2001. In view of rapid changes in the Singapore telecommunications market in 2002, IDA deferred the release of the Telecom Consolidation Guidelines. The Telecom Consolidation Guidelines is developed to complement Section Nine of the Telecom Competition Code.
2 Section Nine of the "Code of Practice for Competition in the Provision of Telecommunication Services", or "Telecom Competition Code", sets out general procedures and standards for the assessment of consolidations between Licensees, achieved through changes in ownership and licence assignments.
3 IDA reviews and approves acquisitions of direct ownership interest in Licensees through tender offers. Such tender offers fall under the 'Singapore Code of Take-overs and Mergers', or in short, the 'Take-over Code'.
IDA's proposed advisory Tender Offer Guidelines provides additional procedural clarifications for acquiring parties who wish to make a tender offer under Section Nine of the Telecom Competition Code. In the case of any conflict between the Take-over Code and IDA's Tender Offer Guidelines, the terms of the Take-over Code prevail.
About Infocomm Development Authority of Singapore
The Infocomm Development Authority of Singapore (IDA) is a dynamic organisation with an integrated perspective to developing, promoting and regulating info-communications in Singapore. In the fast-changing and converging spheres of telecommunications, information and media technologies, IDA will be the catalyst for change and growth in Singapore's evolution into a vibrant global info-communications technology centre. For more information, visit https://www.imda.gov.sg/
For media clarifications, please contact:
Ms Cindy Kong
Manager, Corporate Communication
Infocomm Development Authority of Singapore
Tel: 6211 1997
Fax: 6211 2227