SingTel raises Bharti Airtel stake for $302.2 mn

Written By Unknown on Jumat, 16 Agustus 2013 | 12.44

Aug 16, 2013, 09.14 AM IST

SingTel, Southeast Asia's largest telecommunication operator, said it had agreed to buy 788,538 shares, or 3.62 percent, of Bharti Telecom Ltd. Bharti Telecom holds approximately 43.57 percent of Bharti Airtel.

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SingTel raises Bharti Airtel stake for $302.2 mn

SingTel, Southeast Asia's largest telecommunication operator, said it had agreed to buy 788,538 shares, or 3.62 percent, of Bharti Telecom Ltd. Bharti Telecom holds approximately 43.57 percent of Bharti Airtel.

Like this story, share it with millions of investors on M3

SingTel raises Bharti Airtel stake for $302.2 mn

SingTel, Southeast Asia's largest telecommunication operator, said it had agreed to buy 788,538 shares, or 3.62 percent, of Bharti Telecom Ltd. Bharti Telecom holds approximately 43.57 percent of Bharti Airtel.

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Singapore Telecommunications Ltd said on Thursday it will increase its effective interest in Bharti Airtel Ltd to 32.34 percent from 30.76 percent, paying around S USD 383.6 million.

Also Read: Sunil Bharti Mittal's remuneration down 10% to Rs 22.55 cr

SingTel, Southeast Asia's largest telecommunication operator, said it had agreed to buy 788,538 shares, or 3.62 percent, of Bharti Telecom Ltd. Bharti Telecom holds approximately 43.57 percent of Bharti Airtel.

"The acquisition would allow SingTel to increase its effective stake in BAL (Bharti Airtel), and 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 Singapore firm said.

SingTel reported on Wednesday a 7 percent rise in its first-quarter net profit, but warned of falling revenue due to the weakening Australian dollar.



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