Singtel said to tap BofA for pursuit of Australia's Amaysim

(Aug 21): Singapore Telecommunications (Singtel), Southeast Asia’s largest telecom services provider, is moving ahead with examining a possible bid for wireless operator Amaysim Australia, people with knowledge of the matter said.

The company is working with Bank of America to assess options for investing in Sydney-based Amaysim, the people said, asking not to be identified because the process is private. The appointment was made in the last two weeks, according to one of the people.

A deal for Amaysim, which leases the wireless network owned by the Singapore carrier’s local subsidiary, would give Singtel access to the operator’s more than 1.1 million mobile subscribers. Shares of Amaysim have slumped about 54% this year, giving the company a market value of A$193 million ($193.5 million).

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