SINGAPORE Aug 15 Singapore Telecommunications Ltd said on Thursday it will increase its effective interest in India's Bharti Airtel Ltd to 32.34 percent from 30.76 percent, paying around S$383.6 million ($302.2 million).
SingTel, Southeast Asia's largest telecommunication operator, said it had agreed to buy 788,538 shares, or 3.62 percent, of Bharti Telecom Ltd. Bharti Telecom holds approximately 43.57 percent of Bharti Airtel.
"The acquisition would allow SingTel to increase its effective stake in BAL (Bharti Airtel), and is in line with SingTel's strategic focus on maximising the value of its existing businesses, which includes reviewing opportunities to increase shareholdings in existing associates," the Singapore firm said.
SingTel reported on Wednesday a 7 percent rise in its first-quarter net profit, but warned of falling revenue due to the weakening Australian dollar. ($1 = 1.2695 Singapore dollars) (Reporting by Eveline Danubrata; Editing by Rachel Armstrong)
Trending On Reuters
India GDP Data
India's economy grew faster than China's in the quarter through March, data showed on Friday, but a sharp downward revision for the previous quarter fuelled doubts about the accuracy of a new method used to measure economic activity. Read | Graphic