On the hot line: Singapore awards telecoms underwriting

Article Abstract:

Singapore awarded the management rights of the domestic part of the government-owned Singapore Telecom offering on Mar 3, 1993 to the country's six largest banks provided they function as a competing group and notas competitors among each other. Members of the consortium are DBS Bank, OCBC Bank, United Overseas Bank, Overseas Union Bank, Keppel Bank and Tat Lee Bank. The consortium also asked Morgan Grenfell Asia to join the group because, although it is under Germany's Deutsche Bank, it's management is mostly composed of Singaporeans.

COMMUNICATION, National commercial banks, Banking industry, Management, Singapore, Privatization, Privatization (Business)

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Singapore on the line

Article Abstract:

Singapore Telecom stock has yet to be offered but investment banks and fund managers are already trying to secure the company's proxy reports while merchant bankers are seeking to underwrite the offering. The company's virtual monopoly is very attractive to prospective investors despite the lack of information on the number of shares, stock price and specific corporate system. The stock is expected to secure 20% of the total market capitalization which could stimulate the country's bourse.

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The main event

Article Abstract:

Singapore Telecom's initial public offering raises complicated issues. The sale may well overtax the exchange's equipment by raising total market volume 20%. Singapore's compulsory pension fund may be flooded by last-minute applications to participate in the government's subsidized-shares plan. The city-state's banks may not be able to handle the oversubscription. Finally, the offering's timing, probably in Sep 1993, will be tricky.

Securities listing, Singapore Exchange Securities Trading Ltd.

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