Singapore Telecommunications on Thursday said it has sold a 0.8 per cent stake in Indian associate Bharti Airtel for S$950 million (nearly $711 million) to U.S. investment firm GQG Partners.
The deal is the latest of Southeast Asia’s largest telcom operator’s efforts to recycle capital, which brings the total to S$8 billion since its strategic reset in 2021.
“The Group is now in an even stronger position to execute our disciplined capital approach of balancing investing for greater growth and delivering strong, sustainable returns for our shareholders,” SingTel finance chief Arthur Lang said.
The Group is expected to record a gain of around S$700 million from the stake sale.
($1 = 1.3365 Singapore dollars)
Source: CNA
