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Technology Stocks : PCW - Pacific Century CyberWorks Limited -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (1025)	4/8/2001 4:06:33 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

SingTel leaves door open for Telstra partnership in Asia 2001-04-09 Terms and Conditions C&W Optus ASX Codes: TLS CWO By Michael Smith SYDNEY, April 8 AAP - Singapore Telecommunications (SingTel) today left the door open for potential partnerships with Telstra Corp Ltd in Asia despite its takeover of Australia's second largest phone company. SingTel chief executive officer Lee Hsien Yang said the Asian carrier would compete "very seriously" with Telstra in Australia through its takeover of Cable & Wireless Optus Ltd. However, he said there was still room to collaborate with Telstra on other projects in the region. "Clearly in Australia, if we come into Optus and if an offer crosses the level of 50 per cent and goes unconditional, then we intend to compete very seriously with Telstra," Mr Lee told Channel Nine. "But that doesn't mean that in other instances if it makes sense we might not collaborate on other projects." SingTel's move on C&W Optus will create a stronger regional carrier, which analysts see as a major challenge for Telstra's recent alliance in Hong Kong with Pacific Century Cyberworks Ltd (PCCW). Telstra, which is looking to expand in Asia, is also reportedly looking at buying Singapore's MobileOne which would place it in direct competition with SingTel in the Singapore market. Mr Lee was in Sydney last week talking up his company's $17 billion offer for C&W Optus amid investor concern about the value of SingTel scrip on the deal. He told Business Sunday that a SingTel-controlled C&W Optus would also ensure third mobile payer Vodafone Pacific Pty Ltd did not make gains on its mobile market share. "They (Vodafone) have for the last few years tried to gain market share and you know, if we take over Optus, we will do our utmost best to make sure they don't gain on us," Mr Lee said. He said SingTel believed C&W Optus opened up opportunities for growth in Australia, with the nation's mobile business expected to grow 14-15 per cent over the next five years. SingTel's bid for C&W Optus remains subject to shareholder and Foreign Investment Review Board (FIRB) approval. "We think right now the outlook looks good," Mr Lee said. He dismissed C&W Optus and SingTel's share price slump since the takeover announcement as the result of a volatile fortnight for stock markets around the world. "I know last night there was a momentary uptake but, you know, the last two weeks has been disastrous for the stockmarket as a whole and SingTel and Optus has moved with the market," Mr Lee said. C&W Optus shares closed Friday six cents higher at $3.73. Terms and Conditions Copyright© 2000 LEXIS-NEXIS, a division of Reed Elsevier Inc. All rights Reserved. quamnet.com