A subsequent SingTel bid to acquire Time DotCom , the telecommunications arm of Malaysia's politically connected Renong group, stalled when it was opposed by Malaysian Premier Mahathir Mohamad, who thought it might pose a national security threat given SingTel's state links. PCCW, floundering with steep losses, will now find it difficult to thwart Singtel's pan-Asian ambitions. And Time DotCom tanked on listing in late February, underscoring its lack of a credible foreign partner. Investors disliked the Optus buy. In a complex deal that could see the issuance of up to 3 billion new Singtel shares, the utility gave Optus shareholders three choices, with premiums ranging from 1percent -17 percent , to take the company private.
Analysts say both perceptions are correct.
But Lee Hsien Yang, Singtel's chief executive and the youngest son of Senior Minister Lee Kuan Yew, seemed unfazed. Lee was looking ahead. That's no small transformation.