Business Services Industry
Singtel under pressure to revalue Optus cable network by September.
Australasian Business Intelligence, April, 2002
Apr 17, 2002 (The Age
ABIX via COMTEX) -- Pressure is mounting on Singapore Telecommunications (SingTel) to write down the value of Singtel Optus' cable network. The cable network is valued in Optus' books at $A1.7bn, even though it had spent more than $A2bn building it, after SingTel wrote off some depreciation of the asset when it acquired Optus, Australia's second largest telco, in 2001 for $A14bn. Since acquiring the telco, SingTel has been reviewing all Optus assets. It is believed SingTel will further write down the value of the Optus cable network by the end of September 2002 because the business is not making as much money as originally forecast. The prospect of a writedown comes as the Australian Competition & Consumer Commission considers the...
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