Reliance Postpones GTI Trust Listing

Update – July 23, 2012

Reliance Communications has postponed its initial public offering of Global Telecommunications Infrastructure Trust, the Singapore listing of its subsea cable division.

Long-term public investors are attracted to developed infrastructure. Telecommunication network infrastructure is usually owned by companies, governments, or business consortiums. There is an emerging trend for large investors such as sovereign wealth funds to play the role of cornerstone investor in Asian initial public offerings. Singapore’s Temasek Holdings and the China Investment Corporation (CIC) have agreed to invest in Global Telecommunications Infrastructure (GTI) Trust’s initial public offering in Singapore. Reliance Communications is listing its telecommunications infrastructure network business through a Singapore trust. The GTI Trust, the undersea cable unit of Reliance Communications Ltd, is selling between $250 to 300 million of stock to four sovereign wealth funds as part of the IPO. The trust will be sponsored by RGBV, a company incorporated in the Netherlands and owned by Reliance Communications.

According to filings, it will be the first publicly traded global telecommunications infrastructure-related business trust.

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