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Peter Costello

Treasurer

11 March 1996 - 3 December 2007

Media Release of 28/08/2001

NO.063

Singapore Telecommunications Limited - Acquisition Of Cable & Wireless Optus Limited

On 22 August 2001, I raised no objection to a proposal for Singapore Telecommunications Limited (Singtel) to acquire Cable & Wireless Optus Limited (Optus), subject to three conditions. The third condition was that prior to implementation of the proposal, Singtel and its relevant subsidiaries provide, to the satisfaction of the Treasurer, confirmation by the Office of Defense Trade Controls, U.S. Department of State that an export licence is not required for the A3, B1, B3 and C1 satellites, ground support equipment and technical data.

On 22 August 2001, the Office of Defense Trade Controls, U.S. Department of State advised that, in the specific circumstances, an export licence is not warranted for the A3, B1, B3 and C1 satellites, ground support equipment and technical data.

Therefore, I have decided that the third condition placed upon Singtel has been met to my satisfaction.

The parties have been advised of this decision.

CANBERRA
28 August 2001