Singapore Telecommunications Ltd will raise its stakes in Thai telecom company Intouch Holdings PCL and India's Bharti Telecom Ltd for S$2.47 billion ($1.8 billion) in total as part of its strategy to boost exposure to emerging markets.
In a statement on Thursday, Singtel said it had entered into conditional share purchase agreements with state investor Temasek Holdings to acquire 21 percent of Intouch Holdings and 7.39 percent of Bharti Telecom.
"Thailand and India are fundamentally attractive markets which are reaping the benefits of rapidly increasing smartphone penetration and mobile data adoption by a growing middle class," SingTel said.
The transactions will be funded through internal cash, short-term debt and proceeds from a share placement of 386 million new Singtel shares to Temasek totalling S$1.605 billion.
Singtel, 51.1 percent owned by Temasek, said the acquisitions and share placement are interdependent and have to close at the same time.
Source : reuters.com