SCS, NCS are of one family now.

Headline : Singapore Telecommunications acquires 60% stake in Singapore Computer Systems

Main body : Singapore Telecommunications Limited (“SingTel”) wishes to announce that it has today, through Computer Systems Holdings Pte. Ltd. (“CSH”), acquired from Green Dot Capital Pte Ltd (“Green Dot”) 93,144,501 ordinary shares (the “Sale Shares”) in the capital of Singapore Computer Systems Limited (“SCS”), representing approximately 60% of the issued share capital of SCS, for an aggregate cash consideration of approximately SGD 139.7m (SGD 1.50 per Sale Share) (the “Acquisition”). Following the Acquisition, SCS has become a subsidiary of SingTel.
CSH is a wholly-owned subsidiary of NCS Pte. Ltd., which is in turn a wholly-owned subsidiary of SingTel. SCS is an information and communications technology service provider whose shares are listed on the Main Board of the Singapore Exchange Securities Trading Limited.
The purchase consideration was arrived at on a willing-seller willing-buyer basis, taking into account, inter alia, an assessment of projected future cash flows, comparables analysis and the prevailing market price of SCS shares. The purchase consideration was satisfied from internal sources of funds. As at 21 August 2008 (being the last full trading day immediately prior to the date of this Announcement), the last transacted price of SCS shares as quoted on the Singapore Exchange Securities Trading Limited was SGD 1.31 per share.
The net asset value per SCS share based on SCS’ latest announced consolidated financial statements as at 30 June 2008 was SGD 0.8044.
Target: Singapore Computer Systems Ltd.
Bidder: Singapore Telecommunications Limited
Vendor: Green Dot Capital

Source : Stock Exchange Announcement(s)
Size : 50m - 100m (USD)
Value : 98 m USD (deal value)
Stake Value : 60%
Grade : Confirmed
Alert : South East Asia M&A Intelligence
Intelligence ID : 689470