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Singtel concludes divestment of 3.3% of Bharti shares for SGD2.5bn

28 Sep 2022

Singtel Group completed the previously announced sale of its 198 million shares in Bharti Airtel, equivalent to 3.3% of the company, on 27 September 2022 for a total consideration of SGD2.54 billion (USD1.77 billion). The transaction was carried out through Singtel’s indirect wholly owned subsidiaries Pastel and Viridian, and forms part of the group’s wider strategy ‘to rebalance and optimise Singtel’s associates portfolio, including an increase in stake in Intouch Holdings, the parent company of Singtel’s regional associate AIS, and a partial divestment of Airtel Africa’.

As previously reported by CommsUpdate, last month Singtel entered into a share purchase agreement (SPA) to sell the 3.3% direct stake in regional associate Bharti Airtel to Bharti Telecom, its joint venture with Bharti Enterprises. In a press release at the time, the Singapore-based carrier said it would realise a net gain of SGD600 million from the divestment.

The sale leaves Singtel with a 29.7% effective stake in Airtel, broken down as a 19.2% indirect stake through Bharti Telecom, and a 10.5% direct stake. Singtel will use the proceeds to fully fund its 5G CAPEX needs and growth initiatives in the next few years.

India, Singapore, Bharti Airtel, Singtel Group

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