Corporate Aug 16, 2013
Singapore: Singapore Telecommunications on Thursday said it will increase its effective interest in Bharti Airtel to 32.34 percent from 30.76 percent, paying around S$383.6 million ($302.2 million).
SingTel, Southeast Asia's largest telecommunication operator, said it had agreed to buy 788,538 shares, or 3.62 percent, of Bharti Telecom. Bharti Telecom holds approximately 43.57 percent of Bharti Airtel.
"The acquisition would allow SingTel to increase its effective stake in BAL (Bharti Airtel), and is in line with SingTel's strategic focus on maximizing the value of its existing businesses, which includes reviewing opportunities to increase shareholdings in existing associates," the Singapore firm said.
SingTel on Wednesday reported a 7 percent rise in its first-quarter net profit, but warned of falling revenue due to the weakening Australian dollar.
More From R Jagannathan.