The company is looking for a A$60 million (S$55.5 million) injection to finance a subsidiary which will base its headquarters in Hong-Kong.
“The board recognises the need for SkyNetGlobal to move quickly to consolidate its leadership in the provision of broadband wireless services for business travellers, and the strong growth prospects for this service in the Asian region,” company CEO, Jonathan Soon, said.
The Board of Directors has approved a restructure of the company, subject to shareholder and regulatory approvals, that would see ownership of the broadband wireless assets and operations of SkyNetGlobal transferred to the subsidiary company, Soon added.
"SkyNetGlobal is in a unique position to learn from its Australian experience, leverage on its broad management team and move into Asia where the markets are significantly larger," he said.
"This is a big step for the company.”
It expects to hold a meeting of shareholders in September to consider and approve the proposal.
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