Singtel raises stake in Thailand’s Intouch to 24.99%
The additional 121 million additional shares were acquired for $330m.
Singtel’s stake in Thailand telco, Intouch Holdings, has jumped from 21.21% to 24.99%, following its acquisition of 121 million shares from Temasek’s Anderton Investments for S$330 million.
Even before Singtel increased its stake, it was already one of Intouch’s two largest shareholders along with Gulf Energy.
"Our increased investment deepens our partnership with Intouch’s largest shareholder Gulf Energy, and is part of our strategy of actively recycling capital to invest for growth and shareholder returns,” Singtel Group CEO Yuen Kuan Moon said.
The Singtel CEO added that the move to increase its stake also demonstrates the company’s confidence in the potential of Advanced Info Services (AIS) “to build on its position as the mobile operator of choice and become the leader in digital and enterprise services.”
Advanced Info Services (AIS) is Thailand’s largest mobile operator and is a subsidiary of Intouch.
Meanwhile, Singtel said it is also collaborating with AIS and Gulf Energy to build and develop data centres in Thailand.
The transaction between the three companies is expected to be completed by the end of June 2022.