Singtel to invest SGD2.47 billion in Bharti Telecom and Intouch Holdings

Singapore Telecommunications (Singtel) has entered into conditional share purchase agreements with Singapore government-owned sovereign wealth fund Temasek to acquire 7.39 per cent of Bharti Telecom Limited and 21 per cent of Thailand-based Intouch Holdings Public Company Limited for a total consideration of SGD2.47 billion. This will effectively increase Singtel’s direct and indirect stake in Airtel to over 36 per cent from the nearly 33 per cent at present. The acquisitions will be fully settled in cash. Singtel will fund the deals through a fresh issue of shares to Temasek totaling SGD1.6 billion and short-term debt. The transaction is subject to minority shareholder and relevant regulatory approvals and is expected to be completed by December 2016.

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