Singapore, 3 September 2007 –Singapore Telecommunications Limited (SingTel) and StarHub, Singapore’s two leading info-communications companies, have reached an out-of-court settlement on disputes pertaining to the 1995 Network Lease Agreement and 2002 Network Lease Agreement entered by SingTel and StarHub Cable Vision Ltd. (formerly known as Singapore Cable Vision Limited).
Mr Allen Lew, CEO Singapore of SingTel, said: "We are pleased with the amicable out-of-court settlement. The matter has run its course. The settlement has no material impact on SingTel. It is time to move on and focus on our business to develop and grow Singapore's infocomm industry."
"We are glad that both parties are able to resolve this matter amicably. The disputes have gone on long enough, and it is necessary to have a closure on this chapter and move on to more meaningful activities that will augment Singapore’s position as a world-class infocomm and media hub," said Mr Terry Clontz, President and CEO of StarHub.