PCCW, Telstra Venture Backed by 3 Banks to Bid for M1: Report
May 23, 2001 - 19:06:42 HKT
Quamnet News Service
The mobile phone joint venture between Pacific Century CyberWorks (0008) and Telstra Corp. is backed by Barclays, Citibank and UBS Warburg in a bid to acquire MobileOne Pte Ltd., Singapore's second-largest mobile phone operator, Reuters reported, citing unnamed banking sources.
The joint venture, which is 40 percent held by PCCW and 60 percent by Telstra, is expected to submit a bid for M1 before the May 28 deadline, and is likely to be competing with Vodafone Group Plc of the U.K. and Malaysia's Maxis Communications Bhd., according to the news agency.
M1 is estimated to have 800,000 mobile phone users, and is valued by analysts at S$2 billion to S$2.5 billion (US$1 billion to US$1.4 billion), Reuters said.
PCCW, through its HKT unit, already owns 15 percent of M1.
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