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News - Detailed News Story

Netpluz Asia acquires Mediaring assets from Si2i for S$3m

27 Jan 2016 09:00

By Amit Roy Choudhury

IN A homecoming of sorts for Mediaring, one of Singapore's pioneering Internet companies, Netpluz Asia Pte Ltd, has signed a deal with Si2i Ltd to acquire Mediaring Network Services (MRNS) and Mediaring Communications (MRC) for S$3 million. The purchase will be staggered over four phases till mid-2017.

Mediaring was set up in Singapore in 1994 and had a very successful initial public offering in 1999. At its peak in 2000 the company had the largest market share worldwide as a one-stop service provider of voice, data and computing services with VoIP (voice over Internet protocol) technology, which at that time was a pioneering service.

Indian businessman Bhupendra Kumar Modi bought a stake in Mediaring in 2009 for around S$60 million, to become the single largest shareholder, and changed its name to Si2i Ltd. The company was integrated into Dr Modi's Spice Global network and it acquired a number of companies in Malaysia, Thailand, and Indonesia in areas such as handset distribution and telecoms.

Netpluz Asia, a managed services provider, comprises a management team which worked in Mediaring around 2005. It has agreed to purchase the commercial assets of the brand. The retail assets of Mediaring will continue to remain with its existing owner, mainboard-listed Si2i Ltd.

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Source: Business Times

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