(SGT) SingTel sells Singapore Yellow Pages for S$220 million
2-Jun-2003

Optus parent company, Singapore Telecommunications, today announced that it had sold the business and asstes of SingTel Yellow Pages, the leading directories business in Singapore for Sing$220 million.

The business was purchased by a joint venture between CVC Asia Pacific and JP Morgan Partners Asia LDC.

The bidding for the business was extremely competitive, and represents the continuation of SingTel’s strategy of divesting its non-core assets, in following with the separation from SingPost, which is now an independently listed company in Singapore.

Lim Toon, SingTel’s Chief Operating Officer, said “SYP is a financially strong company and a good asset, and SingTel was not prepared to sell its business at all cost. The bid from CVC and JPMPA was the best received. We are extremely pleased with the outcome and believe that it is a win-win for the two sides.”