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Singapore, 16 December 2009 - ST Telemedia is delighted to have received eircom Holdings Limited (ERC) shareholder approval, Court approval and other relevant legal and regulatory approvals for the acquisition of the company's shares. ERC currently holds a majority indirect interest in eircom. As outlined in the scheme booklet, the transaction is expected to close in early January 2010.
"ST Telemedia is a long term investor and aims to build sustainable businesses. In the new year, ST Telemedia will be working closely with the management and employees of eircom Limited to determine a sound vision and strategy for the future, with a strong focus on meeting customer requirements, upgrading legacy infrastructure and generating shareholder returns over the long run," said Mr Lee Theng Kiat, President & Chief Executive Officer of ST Telemedia.
eircom faces numerous challenges ahead, including competition from well capitalized multinationals, declining revenues, legacy infrastructure, high debt burden and a fast evolving regulatory environment. ST Telemedia will need the support of all stakeholders including the Government, ComReg, ESOT and eircom management and employees to transform the company into an efficient operator that can contribute to the further development of Ireland's telecommunications industry.
About Singapore Technologies Telemedia
Singapore Technologies Telemedia (ST Telemedia) invests in and manages an innovative group of information-communications companies across the globe. Its core competencies are in mobile communications and global IP services. ST Telemedia has operations in the Asia-Pacific region, the Americas and Europe. Key companies in the ST Telemedia group include Global Crossing, TeleChoice, and Asia Mobile Holdings which holds interests in StarHub and Shenington Investment, which in turn owns stakes in Lao Telecommunications Company and Mfone in Cambodia. The synergistic capabilities and assets of its group of companies place ST Telemedia in a unique position to offer a broad spectrum of solutions and expertise in global connectivity, mobile convergent and network engineering services. Please visit www.sttelemedia.com for more information.
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