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Technology Stocks : Pacific Internet Next HOT IPO?

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To: Carolyn who wrote (847)	9/13/1999 10:15:00 PM
From: Glenn Petersen	Read Replies (1) of 912

Great news for PCNTF shareholders: Singapore Lifts Foreign Limit for Internet Services (Correct) Singapore, Sept. 13 (Bloomberg) -- Singapore's telecommunications regulator said it's doing away with the limit on foreign ownership for Internet service providers from 49 percent in a bid to draw more international players. Singapore opened up its Internet market in October to an unlimited number of operators but only one license has been issued since. The three present players are Singapore Telecommunications Ltd., Pacific Internet Ltd. and StarHub Pte. The move is expected to rekindle interest among global companies, such as MCI WorldCom Inc. and Cable & Wireless Plc, which are keen on Singapore's Internet market but want a controlling stake. ``The industry feedback is that it is difficult to find suitable local partners,' said the Telecommunications Authority of Singapore, adding that ``this will allow the entry of new foreign player who will stimulate market growth and help to realize the full potential of the Internet market.' Singapore has received global attention for its efforts to be the first country in the world to wire up every household and office through a broadband network that speeds up Internet access by 50 times to 100 times. A quarter of the island's 4 million residents access the Internet at home, work or school. Cable & Wireless, U.K.'s No. 2 phone company, is in talks with Singapore-based Flextech Holdings Ltd. to set up an Internet service provider. Flextech said it expects to hold about a fifth of the company. MCI WorldCom, the second-biggest U.S. long distance carrier, won regulatory approval to provide Internet exchange services in Singapore two months ago. It also indicated that it wants a controlling stake in any Internet venture. Singapore also removed the 49 percent foreign ownership limit on Internet exchange services. MCI was given special approval to fully own its Singapore venture, an option that the regulator may open to other global players. Sep/13/1999 9:16

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