Singtel sells $1b Gulf Development stake under recycling plan

It will retain a 4.95% holding valued at $1.8b.

Singtel Group has sold a 2.8% stake in Gulf Development, Thailand’s largest energy company, for approximately $1b as it continues to recycle capital under its Singtel28 plan.

The sale was executed through a private placement to institutional investors and is expected to result in cumulative equity gains of about $140m, according to a bourse filing.

Following the transaction, the telco will retain a 4.95% stake in Gulf Development, valued at around $1.8b.

It had received a 7.7% stake in the energy company in 2025 after the amalgamation of Intouch Holdings and Gulf, Intouch’s largest shareholder.

The merger simplified its shareholding in Thai associate Advanced Info Service by removing Intouch as an intermediary holding company and creating Gulf Development as the new entity.

The sale is the latest transaction under Singtel’s capital recycling programme, which has unlocked $6.8b since the launch of Singtel28 in 2024, putting the group about three-quarters of the way towards its $9b mid-term target.

Part of Singtel’s capital return plan includes its value realisation share buyback programme. 

As of 22 June 2026, the group had deployed about 34% of its planned $2b value realisation share buyback, buying and cancelling 148.8 million shares for about $681m.