Singapore Telecommunications Ltd (SingTel) has received two offers for its Australian satellite business in the final round of the bidding, including one from U.S.-listed Intelsat SA, three sources with knowledge of the matter said.Both offers came in below the A$2 billion ($1.8 billion)reserve price set for the auction and SingTel will decide at a board meeting next week whether to divest the business through an initial public offering (IPO) or ask suitors to improve their bids, the sources said.Australia is a strong contender for a listing of the business called Optus Satellite at the same $1.8 billion valuation if SingTel decides to pursue an IPO, the sources added.SingTel, Southeast Asia's largest telecom operator, has been seeking a sale of the satellite division of Optus since a strategic review of the asset in March. It wants to use the sale proceeds in fast-growing emerging markets.
Shares of I fell by 0.34% or $-0.08/share to $23.78. In the past year, the shares have traded as low as $16.90 and as high as $26.80. On average, 389606 shares of I exchange hands on a given day and today's volume is recorded at 47830.
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