Singtel raised SGD950 million ($711.1 million) by offloading a slice of its holdings in Bharti Airtel to US-based investment company GQG Partners, part of a strategic reset unveiled nearly three years ago.
The Singapore-based operator sold a 0.8 per cent stake, reducing its interest to 29 per cent.
In a statement, Singtel added it had raised SGD8 billion since May 2021, allowing it to fund growth of its data centre and IT services, and cut its debt by SGD3.2 billion as of end-September 2023.
CFO Arthur Lang said 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 shareholders.
Singtel sold a 3.3 per cent stake in Airtel for about SGD2.5 billion in 2022.
In September 2023, it reached a deal with KKR to sell a 20 per cent stake in its regional data centre unit for SGD1.1 billion.
The post Singtel raises $711M in Airtel stake sale appeared first on Mobile World Live.
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