SingTel to increase Globe Telecom stake to 47.34%

27 Jun 2008

Singapore Telecommunications (SingTel) has announced it is increasing its equity holding in Filipino associate Globe Telecom from 44.47% to 47.34% at a cost of PHP4.6 billion (USD104 million). SingTel’s 100% owned Singapore Telecom International unit has agreed terms to acquire 3.8 million common shares of Globe from Ayala Corp. at approximately PHP1,210 share, a 2.1% premium on Globe’s closing price on Thursday.

Philippines, Globe Telecom (incl. Innove), Singtel Group