Singtel's Strategic Stake Sale: Boosting Portfolio Through Asset Recycling

Singtel has sold a 0.8% stake in Bharti Airtel for SGD 1.5 billion, reducing its total holding to 27.5%. The sale, executed through institutional investors, reflects strong market confidence in Airtel and contributes to Singtel's asset recycling strategy, aiming for a SGD 9 billion mid-term target.

Singtel announced on Friday the sale of about 0.8% of its stake in Bharti Airtel, raising Rs 10,353 crore (SGD 1.5 billion) as part of its ongoing efforts to optimize its investment portfolio through asset recycling.

Following the sale, Singtel now holds a 27.5% stake in Airtel, valued at around SGD 51 billion. The transaction, completed via a private placement to institutional investors, underscores robust market confidence in Airtel.

Arthur Lang, Singtel's Group CFO, emphasized the strategic nature of the transaction, highlighting its role in unlocking value and supporting Singtel's financial flexibility, facilitating growth in digital infrastructure and services.

(With inputs from agencies.)