Singtel ups stake in AIS’ parent Intouch to 24.99%

17 Jun 2022

Singtel Group, via wholly-owned subsidiary Singtel Global Investment, is upping its stake in Intouch Holdings from 21.21% to 24.99%, by acquiring approximately 121 million shares from Temasek’s Anderton Investments for SGD330 million (USD237.9 million). In a press release the Singapore carrier stated that the share purchase reinforces its commitment to the Thai market where it has had a presence for ‘more than two decades’. Intouch is the parent company of Thai mobile operator Advanced Info Services (AIS) – a regional associate of Singtel since 1999 – and the country’s largest player with over 45 million mobile subscriptions. The transaction is expected to be completed by end June 2022.

Singtel Group CEO Mr Yuen Kuan Moon said: ‘Intouch has been delivering good returns supported by consistently strong execution from AIS in one of the region’s most attractive markets. Our increased investment deepens our partnership with Intouch’s largest shareholder Gulf Energy, and is part of our strategy of actively recycling capital to invest for growth and shareholder returns. At the same time, it demonstrates our confidence in AIS’ potential to build on its position as the mobile operator of choice and become the leader in digital and enterprise services.’

Singapore, Thailand, Advanced Info Service (AIS), InTouch (formerly Shin Corporation), Singtel Group