August 15, 2013 / 10:59 AM / 6 years ago

SingTel raises Bharti Airtel stake for $302.2 million

A worker cleans a logo of Bharti Airtel at its zonal office building in Chandigarh May 2, 2013. REUTERS/Ajay Verma/Files

SINGAPORE (Reuters) - Singapore Telecommunications Ltd (STEL.SI) said on Thursday it will increase its effective interest in Bharti Airtel Ltd (BRTI.NS) to 32.34 percent from 30.76 percent, paying around S$383.6 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.

Reporting by Eveline Danubrata; Editing by Rachel Armstrong

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