Australian telco Vocus receives government nod for TPG Telecom deal
The deal, first announced in 2024, received approval from Australia's competition regulator in March, positioning Vocus as one of the country's largest owners of underground fibre infrastructure.
The acquisition will allow Vocus to connect nearly 20,000 buildings across Australia.
Monday's clearance from the Foreign Investment Review Board marked the final regulatory approval needed for the transaction to proceed, TPG said in a statement.
Shares of TPG Telecom ended flat, while the broader ASX 200 index closed 0.2 per cent lower.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
an hour ago
- The Star
SRC International meant for the people, but it was Najib who benefitted, court hears
KUALA LUMPUR: SRC International Sdn Bhd was intended to serve the rakyat but in reality, it was used to benefit Datuk Seri Najib Tun Razak, the High Court here heard. Lawyer Datuk Lim Chee Wee, representing the company, submitted that instead of fulfilling its intended public purpose, SRC International became both a vehicle and a victim of large-scale fraud, with the former prime minister as its primary beneficiary. He was submitting on Monday (July 7) during the hearing of SRC International's US$1.18bil civil suit against Najib and former SRC chief executive officer Nik Faisal Ariff Kamil, who is currently at large. ALSO READ: I expected briefing from authorities, says Najib on 'complicated' Swiss case involving frozen RM3.6bil SRC funds "The very funds misappropriated through SRC were pensioners' money from the Retirement Fund Inc (KWAP). "While SRC International suffered a devastating loss of US$1.18bil, the first defendant (Najib) personally received US$120mil into his own accounts and RM42mil, which is the subject of a separate suit. "He also utilised his role as the shadow director of the company, where he controlled the company's board via shareholder resolutions on important macro-decisions that ought to have been made by the SRC board itself,' he added. ALSO READ: Najib: SRC International board did not verify matters with me Lim also said that, as the shadow director of the company, Najib signed shareholder resolutions to approve and obtain a RM4bil KWAP loan and to disburse RM3.6bil from that loan for illegitimate purposes. "This culminated in Najib being the ultimate mastermind behind the catastrophic loss of US$1.18bil,' he said this before Justice Datuk Ahmad Fairuz Zainol Abidin. The hearing continues on Tuesday (July 8). In May 2021, SRC, under its new management, filed the suit, claiming that Najib had committed a breach of trust and power abuse, personally benefitted from the company's funds, and misappropriated the said funds. ALSO READ: Najib controlled all aspects of SRC, says former director It also seeks a court declaration that Najib is responsible for the company's losses due to his breach of duties and trust, and for Najib to pay back the RM42mil in losses that it suffered. Najib is currently serving a jail term in Kajang Prison for the misappropriation of RM42mil from SRC International. On Sept 2, 2022, he filed a petition for a royal pardon, which led to the Pardons Board halving his jail term from 12 to six years and reducing the fine from RM210mil to RM50mil on Jan 29 last year. – Bernama
The Sun
an hour ago
- The Sun
SRC International meant for rakyat but Najib benefited, court told
KUALA LUMPUR: The High Court was told that SRC International Sdn Bhd, initially intended to serve the public, was instead exploited to benefit former prime minister Datuk Seri Najib Tun Razak. Lawyer Datuk Lim Chee Wee, representing SRC International, argued that the company became both a vehicle and victim of large-scale fraud, with Najib as the primary beneficiary. The civil suit involves US$1.18 billion in losses, with Najib accused of personally receiving US$120 million and RM42 million from misappropriated Retirement Fund Inc (KWAP) pension funds. Lim stated, 'The very funds misappropriated through SRC were pensioners' money from KWAP. While SRC International suffered a devastating loss of US$1.18 billion, the first defendant (Najib) personally received US$120 million into his own accounts.' Najib allegedly acted as a shadow director, controlling key decisions through shareholder resolutions, including approving a RM4 billion KWAP loan and disbursing RM3.6 billion for illegitimate purposes. Lim added, 'He utilised his role as the shadow director of the company, where he controlled the company's board via shareholder resolutions on important macro-decisions.' SRC International, under new management, filed the suit in May 2021, accusing Najib of breach of trust, abuse of power, and misappropriation of funds. The company seeks a court declaration holding Najib accountable for losses and demands repayment of RM42 million. Najib is currently serving a six-year prison term for the misappropriation of RM42 million in SRC funds, following a reduced sentence from the Pardons Board in January 2024. – Bernama
The Star
an hour ago
- The Star
Regulatory curbs hurt mainland China IPOs, ceding first-half crown to Hong Kong
Mainland China's three stock exchanges had a sluggish first half, raising a third of the bounty from initial public offerings (IPOs) in Hong Kong, due to a regulatory crackdown that has hobbled fundraising since August 2023 and left the primary market in the lurch. Some 50 companies raised a combined 33.6 billion yuan (US$4.7 billion) by selling new shares on the nation's three exchanges, according to data compiled by Bloomberg. That was a third of the US$13.5 billion raised on the Hong Kong stock exchange, which leapfrogged 12 spots from a year earlier to become the world's top-ranking IPO destination in the first half. 'As long as the regulatory curb remains in force, the IPO market won't return to normalcy,' said Dai Ming, a fund manager at Huichen Asset Management in Shanghai. 'But the good thing is that as a result, more good-quality companies in emerging industries will be listed going forward.' Mainland China's most valuable offering in the first half of the year was Zhongce Rubber Group, a Hangzhou-based tyre maker that drew 4.07 billion yuan by selling shares on the Shanghai Stock Exchange, according to Bloomberg. That was just a fraction of the US$5.24 billion that was raised in Hong Kong in May by Contemporary Amperex Technology, the world's largest maker of batteries for electric vehicles. Consumer-electronics maker Arashi Vision came in second place on the mainland, pulling off a 1.94 billion yuan offering on the Shanghai bourse's tech-heavy Star Market. Shenzhen Kaifa Technology, which makes smart metering terminals, ranked third after completing an offering valued at 1.17 billion yuan on the Beijing Stock Exchange. Holding shares of the 50 IPOs since their debuts on the mainland fetched an average return of 214 per cent, according to Bloomberg data. But those gains were inflated by regulations, as new shares were priced at around 23 times earnings in an effort to make sure there were no flops. A ray of hope emerged last month when Wu Qing, the CSRC's chairman, said China would reinstate rules that allowed listings of unprofitable companies to support tech innovation. Listings of pre-profit companies had been suspended since the regulatory clampdown started. Wu's remark was seen by some as a sign that the regulator was softening its stance on IPOs. According to Shanghai-based brokerage Shenwan Hongyuan Group, the move would have a positive impact on IPOs and the pace of new shares could quicken slightly in the second half. It said it expected between 80 and 120 companies would raise between 70 billion and 83 billion yuan from IPOs this year. - SOUTH CHINA MORNING POST
