CIC, Temasek to invest in GTI Trust
Source: Bloomberg News |
July 20, 2012, Friday
|
Print Edition
Print Edition
CHINA Investment Corp and Temasek Holdings Pte have agreed to invest in Global Telecommunications Infrastructure Trust's initial public offering in Singapore, sources said.
GTI Trust, the undersea cable unit of Reliance Communications Ltd, is selling US$250 million to US$300 million of stock to four sovereign wealth funds as part of the IPO, the sources said.
GTI Trust will probably price the units at the low end of a marketed range, and offer investors a yield of 11.5 percent, sources said. That's a higher payout than other business trusts listed in Singapore such as Li Ka-shing's Hutchison Port Holdings Trust.
GTI Trust owns four subsea cable systems that carry Internet traffic and data around the globe, according to a prospectus filed in Singapore on July 5. Reliance is controlled by Indian billionaire Anil Ambani.
GTI Trust, the undersea cable unit of Reliance Communications Ltd, is selling US$250 million to US$300 million of stock to four sovereign wealth funds as part of the IPO, the sources said.
GTI Trust will probably price the units at the low end of a marketed range, and offer investors a yield of 11.5 percent, sources said. That's a higher payout than other business trusts listed in Singapore such as Li Ka-shing's Hutchison Port Holdings Trust.
GTI Trust owns four subsea cable systems that carry Internet traffic and data around the globe, according to a prospectus filed in Singapore on July 5. Reliance is controlled by Indian billionaire Anil Ambani.
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