On June 23, Singtel announced it had sold a third of its 7.7% stake in Thai-listed Gulf Development, raising around $1 billion in proceeds and booking cumulative gains of $140 million.
Singapore Telecommunications (Singtel) has tapped another avenue for a cash gush to help fund capex and cheer shareholders.
Since August 2022, the telco, which owns significant stakes in various mobile operators across the region, has been regularly trimming its stake in Bharti Airtel, netting
$1–$2 billion with every share sale.
