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Singtel pays $1.8 billion for stakes in two Asian telecoms

Staff Writer |
Singtel said it is buying 21 percent of Thai telecoms Intouch Holdings for S$1.59 billion and 7.39 percent of India's Bharti Telecom for S$884 million.

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The stakes are being bought from Singapore state investor Temasek], which owns more than half of Singtel.

Intouch is the largest shareholder in Advanced Info Service, Thailand's biggest mobile operator, in which Singtel already holds 23.3 percent. Bharti Telecom is the holding company of Bharti Airtel, India's largest telecoms firm and Singtel's existing partner.

Singtel's economic interest in AIS will rise to 31.8 percent and in Bharti Airtel to 36.2 percent.

The deals will be funded by issue of 386 million Singtel shares to Temasek totaling S$1.605 billion, and cash and short-term debt


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