Singapore Telecommunications Ltd said on Thursday it will sell a 3.3% stake in India’s Bharti Airtel Ltd to Bharti Telecom Ltd for a total consideration of about S$2.25 billion ($1.61 billion).Singtel, Southeast Asia’s largest telecom firm, said its units Pastel Ltd and Viridian Ltd will jointly sell 198 million shares they hold in India’s second-largest telecom operator. The stake sale comes as Singtel trims its portfolio to focus on core businesses.
Singtel last month said it would sell its loss-making digital marketing arm Amobee for $239 million, in March it cashed in a 1.6% stake in Airtel Africa for about A$150 million and sold a 70% stake in its Australian tower network for A$1.9 billion Australian dollars. last year. After the stake sale, Singtel’s actual stake in Bharti Airtel will come down to 29.7%, it added.The proceeds from the sale may be used to reduce the group’s debt and fund 5G capital expenditure and growth initiatives.
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