Singapore Telecommunications enlisted three banks to deal with a first sale of stock (IPO) of up to US$2.5 billion ($3.6 billon) for its broadband backup NetLink Trust, IFR reported late on Thursday, refering to individuals near the arrangement.
Singtel, Southeast Asia's biggest telco, tapped DBS Group, Morgan Stanley and UBS AG to handle the IPO, anticipated that would occur in the second or second from last quarter of 2017, included IFR, a Thomson Reuters production.
Singtel's Group CEO Chua Sock Koong beforehand said it needed to lessen its stake in NetLink to under 25%.
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