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SingTel eyes Pakistan acquisition

5 May 2006

Singapore Telecommunications (SingTel) is said to be keen to expand into the Pakistani market, as well as increasing its presence across the South Asia region. Although no companies have been named, SingTel chief financial officer Chua Sock Koong told reporters: ‘Our investment focus remains in Asia, Pakistan, South Asia and Asia in general continues to be the universe for our investments.’ SingTel is continuing to explore opportunities for new acquisitions and to raise stakes in its regional mobile investments to drive future growth.

Possible targets for SingTel could include Pakistan mobile operators Pakcom and Paktel, both of which are controlled by Millicom International Cellular (MIC). In January 2006 it was reported that MIC had agreed to sell its entire holding in Paktel and its 61.3% stake in Pakcom to local investors, but the company later dismissed the claims as false.

Pakistan, Singapore, Pakcom (Instaphone), Singtel Group, Zong (CMPak)

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