SingTel increases Globe stake

11 Nov 2004

Singapore Telecom (SingTel) is set to become the largest single shareholder in Filipino operator Globe Telecom, having struck an agreement to purchase a 5% stake in the telco from Ayala Corp. The acquisition will take SingTel’s holding in Globe from 40% to 45%, making it the largest shareholder. Ayala will be left with a 35% stake in the telco; the remaining 20% is publicly owned. SingTel says the move is part of its strategy to increase its presence overseas.