Singapore Telecommunication
Southeast Asia’s biggest telecom company Singapore Telecommunications is improbably to bid for Cable and Wireless Worldwide, the firm desires to focus on the Asia Pacific province, said Citigroup on Tuesday.
After a meeting with the Singapore firm, Pineda and Ravi Sarathy, Citi analysts Arthur said in a note to patrons that, “SingTel had clarified its preference to focus on acquisitions in the Asia Pacific region where it can build scale and drive revenue growth via penetration. This to us indicates that there is likely to be limited interest on the part of SingTel in acquiring C&W Worldwide, contrary to UK press reports.”
Since a revenue warning in July the shares of C&W grow to their highest level on Monday after a weekend report in the news paper, it said that the bid was considering by the Singapore firm.
