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TPG may not be a game changer for Singapore telco market

Australian player's gearing bears watching given typical high entry costs required

A DRAMATIC scene in J R R Tolkien's The Fellowship of the Ring has the heroes trapped in the caves of Moria, with a grim ledger warning of an advancing orc horde. "The end comes," their guidebook warns. "Drums, drums in the deep . . .They are coming."

Singapore telcos may be expected to...