Singapore, 11 September 2000 -- StarHub announced today that it has reached an agreement with the Info-communications Development Authority of Singapore (IDA) regarding the compensation amount of S$ 1,082 million to be awarded to the company. As part of the compensation agreement, StarHub will roll out a nationwide competitive network facilities and services that will also serve the residential market.
The cash compensation amount is based on the financial impact on StarHub due to the Singapore government advancing the date for full market liberalization by two years to 1 April 2000.
StarHub has been exploring various forms of technology alternatives to roll out its nationwide service. In the next few months, StarHub will be providing its detailed proposal to the IDA for approval.
Mr Terry Clontz, President and CEO, StarHub, said, "We are glad to close this chapter. Now we can focus all our attention on serving our customers and building the business. I am particularly delighted that StarHub can now move forward with our plans to offer competitive broadband services to residential customers in the near future."
- End -