SINGAPORE — The sale of OpenNet, Singapore’s fibre broadband network builder, to a SingTel-owned business trust has been completed.
With this transaction, NetLink Trust — with CityNet acting as the trustee manager — becomes the owner of Singapore’s Next Generation (NextGen) Nationwide Broadband Network, in addition to the ducts, manholes and central offices it already manages.
CityNet will now begin to map out a transition and integration plan, with Ms Jacqueline Ong, its Acting Chief Executive, taking on the role of Acting CEO at OpenNet.
Industry veteran Mr Chye Hoon Pin, who has worked at SingTel, was appointed OpenNet’s Chief Operating Officer.
CityNet will also continue its search for a new CEO to be responsible for NetLink Trust.
“We know how important Singapore’s NextGen fibre network is to the community and businesses, and want to reassure stakeholders that CityNet will work diligently to achieve operational (efficiency) and responsiveness, streamline processes and improve the quality of service delivery,” said CityNet Chairman Yap Chee Keong.
Meanwhile, Singapore Press Holdings (SPH) yesterday announced that its subsidiary SPH Net had completed the sale of all its OpenNet shares.
The S$126 million sale of OpenNet had sparked anti-competition concerns, and the Infocomm Development Authority had imposed several conditions and safeguards on the new entity when it greenlighted the sale last week.
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