SingTel’s subsidiary acquires stake in Singapore Computer Systems
ConvergenceAsia staff
29/08/2008

Singapore Telecommunications (SingTel) has announced that NCS has through its wholly-owned subsidiary, Computer Systems (CSH), acquired approximately a 60 per cent stake in Singapore Computer Systems (SCS).

CSH is a wholly-owned subsidiary of NCS, which is in turn, 100 per cent-owned by SingTel. CSH acquired 93,144,501 shares from Green Dot Capital 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.

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.”

Both SCS and NCS are leading information and communications technology solutions service providers with operations in Asia Pacific.

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.”

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