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January 16, 2009

Singapore’s SingTel plans fundraising through credit market
Singapore Telecommunications (SingTel) will turn to credit markets rather than rights issue if it needs to raise funds, the Business Times reported on Friday.

SingTel, which saw its second-quarter profit fall 12 percent, signed agreements for S$1.075 billion in bank credit facilities to refinance existing loans and for working capital in November.

Allen Lew, SingTel's chief executive told the newspaper that capital raising from investors was the "last resort" and that the firm wants to retain a certain level of debt.

"While the credit markets are available, we will continue to get money from the credit markets," Lew said. SingTel is Southeast Asia's largest telephone firm, owns Optus in Australia as well as stakes in several mobile phone companies across the region.

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