SingTel also failed in an attempt to take over Malaysian company Time dotCom. The carrier was forced to look offshore to offset declining revenues after the government deregulated the telecom market last April, a year ahead of schedule, eroding SingTel's domestic market share. Lee has also had to deal with suggestions that being a son of Lee Kuan Yew had worked against SingTel's overseas forays. In contrast, his elder brother Hsien Loong was winning accolades abroad for his bold moves to liberalise the city-state's financial sector, which included among other things the entry of more foreign banks, and has been tapped at home by Prime Minister Goh Chok Tong as his favoured successor. But the period in the limelight for Lee Hsien Yang may not be all acclaim judging by the dive in SingTel's share price since the Optus takeover was announced.
Investors fear the carrier is overpaying for Australia's second biggest telecom operator.