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It expects to complete the next half of its funding by July

Last week, an article by Today suggested that MyRepublic was facing critical financial setbacks — having raised no funds — in its bid to become Singapore’s 4th full-fledged telco.

These rumours have since been quashed by MyRepublic’s CEO, Malcolm Rodrigues, who told local online news portal The Middle Ground the claims in Today’s article were a “bold-faced lie” (Today has since retracted the statements).

In truth, MyRepublic’s banking relationship with DBS and Goldman Sachs is still active. In fact, it has already raised $130 million (US$95.7 million) of the S$250 million (US$184 million) it needs to bid for the upcoming mobility spectrum auction. The remaining S$120 million (88.3 million) is expected to be raised by the end of July this year.

Also Read: Circles.Life announces pay-for-only-what-you-need 4G service in Singapore

Over the weekend, MyRepublic also announced that Founder of major French ISP and telco Ilaid, Xavier Niel, will be reinvesting in MyRepublic.

Currently, nearly 100,000 respondents have expressed interest in signing up MyRepublic’s mobile plans, with over 80 per cent saying they would opt for the S$80 (US$59) unlimited data plan.

Looks like all systems a go for MyRepublic.

The post MyRepublic rubbishes claims of financial woes, has half of funds needed to become 4th telco appeared first on e27.

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