August 24, 2008 / 11:49 PM / 9 years ago

SingTel invests $99 mln in Singapore Computer Systems

SINGAPORE, Aug 25 (Reuters) - Singapore Telecommunications (STEL.SI) said on Monday it bought a 60 percent stake in Singapore Computer Systems SCSS.SI for S$140 million ($99 million) in cash as part of a drive to boost its IT business.

SingTel, Southeast Asia's largest telecoms group, said in a statement it acquired 93.1 million shares in Singapore Computer Systems from Green Dot Capital, a unit of state investment firm Temasek Holdings [TEM.UL], at S$1.50 each.

The purchase price represents a 12 percent premium to the company's closing share price of S$1.34 and the acquisition will trigger a mandatory offer for the remaining shares in the company at S$1.50 each. (Reporting by Jan Dahinten; Editing by Anshuman Daga)

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