Singapore’s MyRepublic denies reports of funding woes
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MyRepublic’s CEO has rejected reports that the company is having difficulty raising funds required to make a bid to become Singapore’s fourth mobile operator, calling the claim “a bold-faced lie.”
Malcolm Rodrigues told us that the company has already lined up $130 million worth of the $250 million in funding needed to roll out a network.
Rodrigues was responding to a report stating that the company’s latest financial statement casts doubts onto whether the operator can afford to become a mobile operator.
The report alleged that it had received a copy of the unlisted operator’s balance sheet that shows that MyRepublic lost S$9.36 million ($6.96 million) in Singapore last year, and has so far raised no funds required for the rollout.
But Rodrigues denied this claim, asserting that the company has a loan facility for half the required amount, and expects DBS Group and Goldman Sachs to help the operator finish its fundraising for the mobile bid by the end of July.
MyRepublic will be competing against Consistel, through subsidiary OMGTel, which has reportedly lined up at least S400 million worth of the S$1 billion in funding it plans to commit if it wins the mobile license.
Questions & Answers
Q.What specific amount of funding does MyRepublic still need to secure for its mobile network bid?
What specific amount of funding does MyRepublic still need to secure for its mobile network bid?
MyRepublic still needs to raise $120 million for its mobile network. The CEO stated they have already secured $130 million out of the total $250 million required for the rollout.
Q.Which financial institutions are expected to assist MyRepublic in completing its fundraising efforts?
Which financial institutions are expected to assist MyRepublic in completing its fundraising efforts?
DBS Group and Goldman Sachs are expected to help MyRepublic finalise its fundraising for the mobile bid. The company aims to complete this process by the end of July.
Q.Who is MyRepublic's main competitor for the Singapore mobile operator license, and how much funding have they secured?
Who is MyRepublic's main competitor for the Singapore mobile operator license, and how much funding have they secured?
MyRepublic's competitor is Consistel, through its subsidiary OMGTel. Consistel has reportedly lined up at least S$400 million of the S$1 billion it plans to commit if it wins the license.
Q.What were the alleged financial difficulties reported about MyRepublic before the CEO's statement?
What were the alleged financial difficulties reported about MyRepublic before the CEO's statement?
Reports alleged MyRepublic lost S$9.36 million ($6.96 million) in Singapore last year. It was also claimed they had not raised any funds for the mobile network rollout, casting doubt on their financial capability.
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