Singapore and Qatar, 9 March 2007 - Singapore Technologies Telemedia Pte Ltd (“ST Telemedia”) welcomes Qatar Telecom (Qtel) QSC (“Qtel”) as a new shareholder of Asia Mobile Holdings Pte. Ltd. (“AMH”) at an official ceremony held at the National Museum of Singapore this evening to mark the completion of the strategic alliance between ST Telemedia and Qtel. The event was officiated by Guest-of-Honour Mr. Lim Hng Kiang, Minister for Trade and Industry. Among the distinguished guests who attended the event were officials from Media Development Authority (MDA) and Infocomm Development Authority of Singapore (IDA).
ST Telemedia and Qtel announced their strategic alliance on 15 January this year. With the completion of the investment transaction on 1 March 2007, Qtel now holds an approximate 25 percent equity stake in ST Telemedia’s AMH. ST Telemedia remains the controlling shareholder with an approximate 75 percent equity stake in the company.
To mark the start of this strategic alliance, ST Telemedia’s President and Chief Executive Officer, Mr. Lee Theng Kiat, and Qtel’s Chief Executive Officer, Dr. Nasser Marafih, signed and exchanged a statement of intent on the success of the joint venture relationship. The signing was witnessed by Mr. Lim Hng Kiang, Mr Tan Guong Ching, Chairman of ST Telemedia, and two of Qtel’s board members.
Commenting on the Middle-East’s growing importance in the global economy and the significance of the ST Telemedia-Qtel alliance, Mr Lim Hng Kiang said, “The Middle-East is a fast growing market with increasing opportunities for growth, collaboration and sharing of knowledge exchange between our governments and companies. Qatar is an important partner for Singapore in the Middle-East. The strong friendly ties between Singapore and Qatar continue to grow from the numerous bilateral visits by leaders from both sides. The strategic alliance between ST Telemedia and Qatar Telecom will lead the way for companies in our two countries to work and grow together in the Asia-Pacific and Middle-East regions.”
Commenting on the completion of the investment, Qtel’s Chief Executive Officer, Dr Nasser Marafih said, “This investment represents an important strategic development for Qtel in the Asia-Pacific region. ST Telemedia is an ideal partner for us and provides us with an immediate footprint in two important markets; Singapore, an advanced market, and Indonesia, the fourth most populous country in the world. Asia-Pacific is a high growth region and one we have identified for further expansion. We look forward to working with ST Telemedia in the future.”
“Since its formation, ST Telemedia has committed itself to the creation of sustainable value through the pursuit of growth opportunities in the global telecommunications sector. The strategic alliance with Qatar Telecom is the start of a new chapter in our efforts to grow the business with an emphasis on the Asia-Pacific region. This reaffirms our belief that the region will continue to see the fastest growth in telecommunications. We are very excited to work with a distinguished and experienced partner like Qatar Telecom who shares our goals and ambition of expanding our footprint. We look forward to a mutually successful long-term partnership together,” said Mr. Tan Guong Ching, Chairman of ST Telemedia.