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BW Businessworld

SingTel Raises Bharti Airtel Stake For $302.2 Mn

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Singapore Telecommunications said on Thursday, 15 August, it will increase its effective interest in India's Bharti Airtel to 32.34 per cent from 30.76 per cent, paying around S$383.6 million.
 
SingTel, Southeast Asia's largest telecommunication operator, said it had agreed to buy 788,538 shares, or 3.62 per cent, of Bharti Telecom Bharti Telecom holds approximately 43.57 per cent 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 maximising the value of its existing businesses, which includes reviewing opportunities to increase shareholdings in existing associates," the Singapore firm said.
 
SingTel reported on Wednesday a 7 per cent rise in its first-quarter net profit, but warned of falling revenue due to the weakening Australian dollar.mn 
 
1 Singapore Dollar=Rs 48 (approx)
 
(Reuters)