30 May '11, 6am

Inscrutable owners now facing pressure to make €400 million call: An injection of about €400m is needed – STT ha...

An injection of about €400m is needed – STT have to figure out if they would ever get it back PRESSURE IS starting to mount on STT to decide what it is going to do about Eircom. The Singapore-based group – which is owned by the city-states sovereign wealth fund Temasek – has been a model of eastern inscrutability since taking control of the national phone network at the start of last year. They paid a mere €140 million for the company, but it came with an unsustainable debt mountain of €3.75 billion. For the last year the Singaporeans have been sitting on the sidelines weighing up whether they want to roll up their sleeves and follow their €140 million with however much more money it is going to take to sort out Eircom. The figure put on the amount of equity that needs to go into the company is about €400 million and, presumably, the question STT is trying to figure out is...

Full article: http://www.temasekreview.com/2011/05/30/inscrutable-owner...

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