StarHub to return SGD444 million to shareholders

8 Mar 2007

Singaporean telecoms operator StarHub plans to return SGD444 million (USD290.6 million) to shareholders through a capital reduction, writes Channel NewsAsia. StarHub reportedly plans to annul 8.3%, 155.3 million shares, of its total issued share capital – cancelling one share in every twelve held by investors. Shareholders will receive SGD2.86 per cancelled share the paper reports. Last year StarHub reduced its capital by SGD652 million and following the latest announcement, Terry Clontz, President and CEO, StarHub, said, ‘Through a continuous review of our capital structure, while considering StarHub’s cash flow trends, cash operating requirements and investment needs, we have decided that a second capital reduction exercise is appropriate.’ The capital reduction is subject to regulatory and shareholder approval.

Singapore, StarHub