Singtel sells nearly 3% stake in Gulf Development for about $1b

Singapore Telecommunications said on Tuesday (June 23) it had sold a 2.8 per cent stake in Thailand-listed energy development firm Gulf Development for about $1 billion in an effort to redeploy capital.

Here are some of the details of the deal:

Singtel said the transaction, executed via a private share placement, would result in a gain of about $140 million.

Southeast Asia's largest telecom operator now has a nearly five per cent stake in Gulf Development, which is valued at around $1.8 billion.

The Singapore-listed firm said it had received a 7.7 per cent stake in the Thai energy development firm, after the US$25 billion (S$32.4 billion) merger of Thailand-based telecoms operator Intouch Holdings and Gulf Energy.

Singtel said it had deployed about 34 per cent of its planned $2 billion share buyback programme, as of June 2.

Gulf Development declined to comment when contacted by Reuters.

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