South East Asian giant Singapore Telecommunications (SingTel) has agreed to increase its stake in India’s largest mobile operator Bharti Airtel by 1.58% for S$383.6m (US$301m).
Approximately 788,500 shares – equivalent to a 3.62% stake – will…
South East Asian giant Singapore Telecommunications (SingTel) has agreed to increase its stake in India’s largest mobile operator Bharti Airtel by 1.58% for S$383.6m (US$301m).
Approximately 788,500 shares – equivalent to a 3.62% stake – will be acquired from MacRitchie Investments in Bharti Telecom, which owns 43.57% of Bharti Airtel.
Following the transaction, SingTel will hold 32.34% of Bharti Airtel, against 30.76% previously.
The acquisition is “in line with SingTel’s strategic focus on maximising the value of its existing businesses, which includes reviewing opportunities to increase shareholdings in existing associates”, the Singaporean company said in a stock exchange announcement.
SingTel has stakes in several telecoms companies across Asia, including Australia, Thailand, India, Philippines, Bangladesh and Indonesia. Over the last few years, it has built up its presence in several of those subsidiaries.
This announcement comes as SingTel decided earlier this week against selling Optus Satellite in Australia to focus instead on growing the satellite operator.
The company initiated a strategic review of the Optus satellite in March. Several bidders expressed interest and two parties reportedly submitted offers to buy the satco, although they were below the A$2bn (US$1.8bn) reserve price.
