Singapore – The Infocomm Development Authority of Singapore (IDA) announced the successful achievement of the Contractual and Financial Close (CFC) by OpenNet, Singapore’s Next Generation National Broadband Network (Next Gen NBN) Network Company (NetCo). OpenNet has been issued a Facilities-Based Operator Licence for it to commence the roll out of the Next Gen NBN. As part of OpenNet’s CFC, IDA has also approved its implementation plan of the Asset Company (AssetCo) which will be established as a business trust within 24 months of OpenNet’s CFC. The AssetCo, as proposed by OpenNet in its NetCo Request-for-Proposal (RFP) submission, will own and control the relevant underlying passive infrastructure assets that are used to support OpenNet’s deployment. These underlying assets, which include central offices, ducts and manholes, will be transferred from SingTel to AssetCo. SingTel will be required to reduce its unit holdings in the AssetCo to less than 25 percent within 60 months of OpenNet’s CFC, subject to SingTel obtaining relevant approvals. The management and operations of AssetCo will be undertaken by a neutral trustee-manager, which will be an FBO licensee. IDA also signed the Next Gen NBN Operating Company (OpCo) contract with Nucleus Connect. As the OpCo of the Next Gen NBN, Nucleus Connect will be working with OpenNet, on a joint roll out plan towards achieving 60 percent coverage of all residential premises and non-residential buildings by end 2010, and 95 percent of all residential premises and non-residential buildings by 2012.