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ST Telemedia invests S$36.9m in StarHub's unit
ST Telemedia and StarHub on Wednesday announced a joint venture (JV) partnership in which the former will invest S$36.9 million to acquire a 70 per cent stake in wholly-owned StarHub subsidiary Shine Systems Assets Pte Ltd. StarHub will hold the remaining 30 per cent.
Shine Systems is the holding company for MediaHub which is being constructed with the intended use as a highly specialised telecommunications, media and data centre facility with media headend, central office and innovations centre.
With this deal, done through ST Telemedia's wholly-owned subsidiary STT GDC Pte Ltd, the management control of MediaHub will move to STT GDC via the JV.
In a joint statement both companies said that they are committed to further their investments to build and develop MediaHub into a state-of-the-art facility. It will be StarHub's convergence hub for its fixed, mobile and pay TV networks.
There is significant synergy in its location at Mediapolis@one-north where the Singapore government intended the country's first digital media hub to be, and where emerging media technologies, content, services and applications will be developed, produced, financed and distributed to the world.