IDA approves OpenNet sale with strings attached

[SINGAPORE] The $126 million buyout of OpenNet by SingTel-owned NetLink Trust has been given the nod by the Infocomm Development Authority (IDA). The regulator also gave SingTel until April 2018 - an extension from the April 2014 deadline - to sell down its stake in the trust.

IDA's approval, which comes with several conditions, follows the vehement opposition to the sale by six Internet service providers (ISPs) in September. These ISPs compete in the same fibre broadband space as SingTel and had objected to the prospect of SingTel wholly owning the only nationwide fibre provider in Singapore.

Yesterday, M1, one of the service providers, said: "We are still evaluating the details of IDA's decision. OpenNet's less-than-satisfactory performance to date has adversely impacted the Next Generation Nationwide Broadband Network (NGNBN) customer experience, and we hope this new arrangement will result in tangible improvements that benefit consumers."