Singapore Telecommunications Ltd. or SingTel (SGAPY.PK) said Sunday it is re-organizing itself for sharper customer focus and growing digital services with local customer insights and global delivery capabilities. The company noted that the move will enable it to sustain growth, competitiveness and innovation into the future.
"SingTel has a long history of quietly, but successfully, making bold and industry-shaping investments. We now see some of the largest and most exciting opportunities that have ever existed in this industry. The changes to how we organize ourselves are necessary in order to align our people and resources to sharpen our focus and take advantage of these opportunities," CEO Chua Sock Koong said in a statement.
Through the new organization structure, the company is looking to reinvent its core carriage business. Under the new structure, which takes effect on April 1, 2012, the company will reorganize under three broad divisions - Consumer, Digital L!fe as well as Information and Communications Technology or ICT.
Separately, SingTel also agreed to acquire U.S.-based Amobee,a premium mobile advertising company, for $321 million to expand its presence into the fast-growing mobile advertising and marketing industry. SingTel said its will continue to make strategic investments to grow its digital assets. The deal is expected to close before June 2012.
Following the closure of the deal, Amobee will continue to operate as an independent business under Group Digital L!fe in SingTel. Amobee's management team will remain in active control of the company.
Amobee, which has technology to enable ad campaigns and analytics, was founded in 2005 and has 127 employees in eight offices. Amobee is southeast Asia's largest telecommunications company by revenue and Singapore's biggest company by market capitalization.
SGAPY.PK closed Friday's regular trading session at $25.15, down $0.15 on a volume of 20,700 shares.
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by RTT Staff Writer
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