In an article speculating that SingTel was planning to sell off 25% of Optus in an IPO, Today reported: “SingTel, South-east Asia’s largest telecommunications firm by revenue, took control of Optus in 2001 through a bid valuing the Australian telecommunications firm at A$17 billion … The operator now values Optus at “more than A$14 billion” the second person said, without elaborating.”
So at least A$2 billion in value was lost at the very, very least.
But F&N shareholders should not worry too much that SingTel’s then CEO is now their chairman. After all the SIA CEO at the time when Richard Branson screwed Singapore Girl (He sold 49% of Virgin Atlantic to SIA at a mile-high price of£600m (US$960m). SIA still has the stake and the much talked about synergies have been quietly forgotten.) became chairman of OCBC. The Old Lady of S’pore banking has yet to receive even an indecent offer.
DBS’s shareholders may want to worry. SingTel’s then chairman is their chairman. And DBS has form in losing money (Dao Heng) and “treasured” customers (DBS HN5), and safe-deposit boxes (HK).
Juz a passing tot, “As Citi is to int’l and US banks, is DBS the S’porean and East Asian equivalent? The fat, rich kid loser always last to any orgy, but always caught with the pants down when the cops, parents, spouses come?”