STL buys stake in Virgin Mobile
February 15, 2006
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Singapore Telecommunications Limited (STL), Southeast Asia's biggest phone company, has paid A$30 million ($22.5 million) through its Australian unit Optus for a 74.2 per cent stake in Virgin Mobile Australia as part of its expansion plan. It has also acquired a 15-year licence for use of the Virgin Mobile brand in Australia. STL expects the acquisition and ongoing licence to help grow its market share although the company is looking to mainly focus on profitability instead of subscriber growth.
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