M1 buys more local leased circuits from SingTel
SINGAPORE, 1 July 2004 - M1 has signed a multi-million dollar contract with Singapore Telecommunications Limited (SingTel) for the latter's DigiNet (local leased circuits) service. The new three-year agreement comes into immediate effect following the expiry of a five-year contract signed between the two companies in 1999.
Since early this year, M1 and SingTel have been negotiating commercial terms for the new contract, which sees M1 committing to buy even more local leased circuits from SingTel than in the previous agreement to support its growing mobile network in Singapore.
Mr Lucas Chow, SingTel's Executive Vice President (Corporate Business), described the negotiations as tough but amicable. "Commercial negotiations can and do take place without the need for intervention from third parties such as regulators. The M1-SingTel negotiations were done in good faith. Our successful agreement is an excellent example of how commercial negotiations can deliver win-win market outcomes," he said.
M1's Chief Executive Officer, Mr Neil Montefiore, said: "We have renewed our contract for local leased circuits with SingTel based on the exacting requirements of cost-efficiency and reliability that we look for in all our suppliers. In finalising this new term commitment, both parties have been able to build on the experience and mutual benefits derived from working together since 1999 under the current agreement."
Mr Chow added: "We are pleased that M1 has selected us as its long-term partner. This new contract certainly speaks volumes of M1's confidence in our network and our ability to meet its needs."
M1, Singapore's most exciting and innovative mobile and IDD service provider, was launched in April 1997. Since then, it has made significant inroads into the local mobile communications market, gaining considerable brand presence and market share. M1 aims to be the leader in personal voice and data communications, focusing on value, quality and customer service. More information on M1 is available at www.m1.com.sg
SingTel is Asia's leading communications group with operations and investments around the world. Serving both the corporate and consumer markets, it is committed to bringing the best of global communications to customers in the Asia Pacific and beyond.
With significant operations in Singapore and Australia (through wholly-owned subsidiary SingTel Optus), the Group provides a comprehensive portfolio of services that include voice and data services over fixed, wireless and Internet platforms.
To serve the needs of multi-national corporations, SingTel has a network of 31 offices in 15 countries and territories throughout the Asia Pacific, in Europe and the USA. These offices enable SingTel to deliver reliable and quality network solutions to its customers, either on its own or jointly with local partners.
The Group also has major investments in India, Indonesia, the Philippines and Thailand. Together with its regional partners, SingTel is Asia's largest multi-market mobile operator, serving more than 47 million customers in six markets.
SingTel employs more than 19,000 people worldwide and had a turnover of S$12.0 billion (US$7.17 billion) and net profit after tax of S$4.49 billion (US$2.68 billion) for the year ended 31 March 2004. More information can be found @ www.singtel.com and www.optus.com.au.