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MyRepublic raises S$23 million
MYREPUBLIC, an upstart broadband provider in Singapore, has attracted S$23 million in capital, including investment from Brunei's leading telecommunications provider, DST, a major investor in the current round.
"We are convinced that this is an excellent opportunity to invest in MyRepublic, which is also in line with our future and active expansion plans," said Suhaimi Hussain, CEO of DST.
He added that the investment grants DST "exposure to a different market environment and helps us achieve our developmental goals".
Malcolm Rodrigues, CEO of MyRepublic, said the telco's vision is "to build a lean and mean operator that can survive with 8 per cent market share in Singapore''.
"... so there's a lot to learn from DST's success in a market with just around 70,000 households and 400,000 customers," Mr Rodrigues said.
Since the launch of its 1Gbps in 2014, MyRepublic said it has tripled its subscriber base to just under 40,000 and now has also set its sights on becoming Singapore's fourth mobile operator. It will be staging a "mobility trial" in October, in the Jurong East area in Singapore.