Singapore Telecommunications said on Monday it bought a 60 percent stake in Singapore Computer Systems for S$140 million ($99 million) in cash as part of a drive to boost its IT business.
SingTel, Southeast Asia's largest telecoms group, said in a statement it acquired 93.1 million shares in Singapore Computer Systems from Green Dot Capital, a unit of state investment firm Temasek Holdings [TEM.UL], at S$1.50 each.
The purchase price represents a 12 percent premium to the company's closing share price of S$1.34 and the acquisition will trigger a mandatory offer for the remaining shares in the company at S$1.50 each.
Source:Reuters
