For Singte, this transaction is also the latest in the group’s capital recycling efforts to unlock value from its assets, bringing the total capital recycled to $8 billion since its strategic reset announced in 2021. This has allowed the group to fund the growth of its data centre and IT services, as well as reduce net debt by $3.2 billion as of end September 2023.
Singapore Telecommunications (Singtel) has unlocked another $0.95 billion with the sale of a 0.8% direct stake in regional associate Airtel to US-based investment firm GQG Partners. The resultant gain from the sale is estimated to be $0.7 billion.
Singtel is taking advantage of the recent popularity of Indian stocks among investors. Bharti Airtel's share price gained more than 50% over the past 12 months.
