Singapore Post (SingPost), the postal unit of Singapore Telecommunications (SingTel), made solid gains Tuesday as the largest initial public offering (IPO) so far this year came to market, dealers said. At the midday trading break at 12:30 pm (0430 GMT), SingPost closed at 63 Singapore cents (36.42 US cents), up from its issue price of 60 cents.
Read MoreSingapore Telecommunications will float its Singaporean postal operations as early as next month, with plans to raise DS684 million (USD627.5 million). SingTel said it planned to sell 60 per cent of the postal business, with 1shares on offer at a price that could reach USD60c each. Final pricing will not be set until May 7, with shares expected to start trading on May 14, the company said. SingTel’s proposed float of the postal business places a value of DS1.1 billion on the division, around 10 to 11 times earnings for the 2002 year.
Read MoreSingapore Post is seeking to raise postal rates for the first time in eight years, a move which, if successful, could help lift revenue. The Infocomm Development Authority of Singapore, the industry regulator, said it is studying a request to raise rates from the Singapore Telecom unit. But the IDA declined to say when it is expected to make a decision.
Read MoreSingapore Telecommunications Limited (“SingTel”) today announced that Singapore Post Limited (“SingPost”), currently a wholly-owned subsidiary of SingTel, has launched a S$300 million bond issue. The unsecured bonds will have a maturity of ten years with a coupon of 3.13 per cent per annum payable semi-annually with an issue price of par. The issue, which will be fully underwritten, is jointly lead-managed by The Development Bank of Singapore Ltd and UBS AG, acting through its business group UBS Warburg.
Read MoreSingPost Annual Report 2002/03
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