SMRT drops telco venture bid
It decides not to invest in OMGtel, the firm that is eyeing Singapore's 4th telco licence
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Singapore
TRAIN operator SMRT has backed out of a bid to venture into the telecommunications industry after facing a wave of criticism over whether it might be distracted from its core business of providing public transport.
It said in a Singapore Exchange filing on Friday that it has decided not to subscribe for shares in OMGtel, a subsidiary of wireless systems integrator Consistel that had been set up in October 2014 for the purpose of bidding for Singapore's fourth telco licence.
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