SingTel's subsidiary acquires stake in Singapore Computer Systems from Green Dot
Singapore, August 25, 2008
NCS’s wholly-owned subsidiary to make mandatory general offer
Singapore, 25 August 2008 -- Singapore Telecommunications Limited (SingTel) today announced that NCS Pte. Ltd. (NCS) has through its wholly-owned subsidiary, Computer Systems Holdings Pte. Ltd. (CSH), acquired approximately a 60 per cent stake in Singapore Computer Systems Limited (SCS).
CSH acquired 93,144,501 shares from Green Dot Capital Pte Ltd for S$1.50 per share in SCS for a total consideration of approximately S$140 million in cash.
Following the acquisition, CSH will make a mandatory general offer for the remaining shares of SCS for S$1.50 a share in cash.
CSH is a wholly-owned subsidiary of NCS, which is in turn, 100 per cent-owned by SingTel.
Mr Allen Lew, SingTel Singapore Chief Executive Officer, said: “This move is part of SingTel’s strategy to be a significant solutions provider to business customers in the Asia Pacific region. The combined IT capabilities and capacity of SCS and NCS will extend SingTel’s ability to deepen its relationships with its customers in Singapore and overseas.”
Mr Lim Eng, NCS Chief Executive Officer, said: “This accelerates the overseas expansion plans of NCS by providing operational scale and an enlarged regional footprint. The IT services market is a high growth area and the potential for growth is enormous.
Both SCS and NCS are leading information and communications technology solutions service providers with operations in Asia Pacific.
CSH is making the mandatory general offer with a view to exercising its rights of compulsory acquisition under Section 215(1) of the Companies Act, Chapter 50 of Singapore, in the event that it becomes entitled to do so, and delisting of SCS from the SGX-ST thereafter.
NCS Pte Ltd
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NCS is a member of the Singtel Group and the leading information, communications and technology (ICT) service provider with presence in over 20 countries. NCS delivers end-to-end ICT solutions to help governments and enterprises realise business value through digital transformation and the innovative use of technology. Its unique delivery capabilities include consulting, applications development, systems integration, outsourcing, infrastructure management and portal solutions.