CityNet was awarded a mandate to act as the trustee-manager of NetLink Trust on 22 July 2011. Singapore Telecommunications Limited (SingTel) undertook to the Infocomm Development Authority of Singapore (IDA) to transfer certain telecommunications infrastructure assets to a separate wholly-owned entity, as part of the IDA’s effective open access requirements. NetLink Trust was established to comply with this undertaking, and the transfer was completed in November 2011.
CityNet (in its capacity as trustee-manager of NetLink Trust) carries on the business of owning, installing, operating and maintaining the assets for the purpose of facilitating telecommunication activities.
On 28 November 2013, CityNet (in its capacity as trustee-manager of NetLink Trust) completed the acquisition of OpenNet Pte. Ltd. (OpenNet) for an aggregate cash consideration of S$126 million. The principal activities of OpenNet are to design, build and operate the fibre network for Singapore’s Next Generation Nationwide Broadband Network.