SingTel issues clarification on Australian article

SingTel said Optus’ annual capital expenditure is subject to a separate board approval.

Here’s the statement from SingTel:

An article in the Australian Financial Review today stated that ‘Optus is preparing to double its spending to $2 billion over the next two years’ and that this had been recently approved by the Singapore Telecommunications Board.

The SingTel Board reviews Optus’ mobile capital investment projections over a three year period. However annual capital expenditure is subject to a separate board approval.

SingTel reaffirms that, excluding spectrum payments, Optus’ capital expenditure for FY13 in Australia is expected to be approximately A$1.1 billion, as per current guidance to the market.