MyRepublic said that a “re-focus” on their business, along with other factors such as an anticipated global economic downturn, could affect the progress of an IPO (initial public offering). them) theirs. It stressed that its recent decision to leave the Australian market was unrelated, but it was not clear whether its operations in New Zealand would be affected.
The Singapore-based broadband and mobile service provider announced over the Christmas weekend that it is leaving Australia, as part of a drive towards profit and cut its operating costs.
Its residential and corporate registrants on national broadband network (NBN) will be migrated to Superloop, with the majority of the conversion work expected to be done by February next year.
When asked if it was planning a similar move in New Zealand, where it launched its service in 2014MyRepublic doesn’t give a definitive answer.
Instead, the company’s senior communications director Adam Rahim told ZDNET that the company is refocusing on its Singapore business and will assess “suitable business opportunities” as these opportunities arise. appear.
“Besides, we will continue to navigate and look for M&A (mergers and acquisitions) opportunities across geographies that closely align with our pivot strategy,” said Rahim.
The MyRepublic team in New Zealand, where it offers broadband and mobile servicesstill works on Company Twitter profile, with the latest answer posted earlier today.
Rahim has confirmed that their planned IPO could be delayed, but noted that this is not the result of a decision to leave the Australian market. Instead, the company’s efforts to identify potential business opportunities as well as other circumstances, including an “imminent global recession,” could affect the timing of the IPO. of the company.
“The impact of such factors on our IPO schedule, if any, is an issue separate from the sale of our Australian business,” he said.
Working out a transfer agreement with Superloop, Rahim said discussions would include the possibility of redeploying around 30 of its staff in Australia to Superloop.
When asked about his services in Indonesia, he said MyRepublic is run by an operator licensed in the Asian market and, therefore, operates as a separate entity.
“[MyRepublic] will focus on our Singapore mobile and broadband businesses,” he reiterated.
Supplier in february said its new business vision and operating model will help lay the groundwork for an IPO, with CEO Malcolm Rodrigues touting the start of “a new MyRepublic” and ambitions to be “a company best performing digital telecommunications” in Singapore and the region.
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.
Its franchise business in Indonesia is operated through a partnership with Sinar Mas Group.
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