20 August 2008
StarHub to Take Consortium Lead in Bid to be Network Company of Singapore's Next-Generation National Broadband Network (Next-Gen NBN)
Singapore , 20 August 2008 - The Infinity Consortium today announced that StarHub will be taking the role of Consortium Lead in its bid to build a state-of-the-art Fibre-to-the-Home (FTTH) broadband network in Singapore. StarHub replaces former Consortium Lead, CTI, which has ceased to be a member of the Consortium. M1 continues to play an active part in the Infinity Consortium as a key member.
The Infinity Consortium is also pleased to announce the participation of Qatar Investment Authority, the principal investment vehicle of the State of Qatar which is the world's leading producer of natural gas, into the Consortium. QIA's primary mandate is to invest the State of Qatar's surplus financial resources globally in international securities markets and in leading companies and projects. From today, QIA becomes a long-term strategic partner through its participation in the Consortium. QIA expects to provide the Infinity Consortium with substantial financial support and expertise in business operations and oversight of the management of the Next-Gen NBN rollout
IDA has given approval for the change in Consortium Lead as well as the inclusion of QIA into the Consortium.
Terms of the shareholdership for the Infinity Consortium, and the bid details of the Next-Gen NBN remain confidential.
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About Infinity Consortium
The Infinity Consortium is currently formed between the State of Qatar's investment arm QIA, Singapore's M1 and StarHub to jointly bid for Singapore’s Next Generation National Broadband Network’s Network Company.
About Qatar Investment Authority (QIA)
The QIA was established on 23rd June 2005 by Decision (22) of the Year 2005 of the Emir of the State of Qatar. Qatar, with a population of approximately 1 million, is the largest producer of natural gas in the world and has a GDP of $52bn. QIA, which is chaired by Qatar's Heir Apparent H.H. Sheikh Tamim bin Hamad bin Khalifa al-Thani, is the investment arm of the State of Qatar and reports directly to the Supreme Council for Economic Affairs and Investment. Its principal aim is the investment of the State of Qatar's surplus financial resources in regional and international markets, blue chip companies and projects.
QIA's mandate is to propose and implement the investment strategy for the State of Qatar's financial reserves. QIA also aims to diversify Qatar's economic base and reduce the country's dependence on its natural resources. QIA's powers and competences include designating the banks and financial institutions through which the state reserve may be invested; buying, selling and investing in foreign currencies, metals, real estate and investment instruments; establishing investment enterprises, individually or with others; and holding shares in companies and enterprises in Qatar and abroad.