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05.02.2008 Business & Finance

SINGAPORE TELECOM DROPS BID FOR GT

By -Reuters
SINGAPORE TELECOM DROPS BID FOR GT
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Singapore Telecommunications, Southeast Asia's largest phone company has dropped its bid for Ghana Telecom. "We decided not to proceed due to issues arising from the process," Lim Chuan Poh, Chief Executive of SingTel's international operations, told a news briefing."Even if we had proceeded, they did not complete the process, so we did not waste our time... our decision not to proceed was the right one."SingTel posted a 9.6 percent rise in quarterly underlying profit to S$931 million on Tuesday, as robust Asian mobile growth offset a margin squeeze at its Australian unit Optus.

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