MyRepublic has revealed its departure from Australia, as it appears to be “refocusing” on profitability and cutting operating costs. The move will involve shifting the subscriber base to Superloop next quarter.
The Singapore-based internet service provider (ISP) said in a statement Saturday that the subscription transfer agreement, effective December 23, includes the acquisition of its residential and business subscribers on December 23. Australia’s national broadband network (NBN), not its assets or liabilities.
Headquartered in Brisbane, Australia, super loop owns and operates an 894 km urban fiber network across Australia, Singapore and Hong Kong, where it connects more than 309 data centers and commercial buildings.
MyRepubilc said the transition marks a retreat from the Australian broadband market, where it launched its service in 2016. Most of the conversion work is expected to be done in February. next year, after the network transition is complete.
The ISP said the move was part of a “strategic refocusing” towards “profitability and liquidity”, as it wanted to reduce operating costs. It is also refocusing on the mobile and broadband businesses in Singapore.
MyRepublic Group CEO and Co-Founder, Malcolm Rodrigues said: “I love our Australian business… however, after much deliberation, we have made the decision to move to Australia. a profitable business as we move into the next phase of our journey.”
This year also marks the company’s first decade of operations, with Rodrigues announcing in february the beginning of “a new MyRepublic” and its ambition to become “the best performing digital telecommunications company” in Singapore and the region.
The ISP later said its renewed business vision and operating model would help lay the groundwork for an initial public offering (IPO).
In September last year, Singapore telecommunications company StarHub bought a 50.1% stake in MyRepublic’s local broadband business. The $162.8 million deal saw the business unit later merged into a subsidiary of StarHub and pushed StarHub’s share of the Singapore broadband market to 40%.
In a June 2021 interview with ZDNET, MyRepublic says it’s looking for new revenue in the corporate space, which offers significant growth potential for the company. It said it will strengthen its offering in the market segment, with a particular focus on cybersecurity.
MyRepublic also provides mobile and broadband services in New Zealand and has a franchise business in Indonesia through a partnership with Sinar Mas Group.
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