Singtel acquires 16.3% stake in Indonesia's Bank Fama International for 500b rupiah
Add BT as a preferred source
SINGTEL Alpha Investments, a wholly-owned subsidiary of Singtel Z74 , has acquired a 16.3 per cent stake in an Indonesian bank for a cash consideration of 500 billion rupiah (S$48 million).
In a bourse filing on Friday (Jan 21), the telco said it has acquired 2.4 billion new shares issued by Bank Fama International. The investment is part of Singtel's plans to pursue banking opportunities in Indonesia.
Fama's investors include Nasdaq-listed digital services player Grab, which is also in a joint venture with Singtel to operate a digital bank in Singapore.
TRENDING NOW
Simba ordered to pay S$700,000 in damages to indoor skydiving operator Altitude Xperience for trespass
Singapore banks may need to address indirect exposure to captive coal in their financing policies
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
EU and Asean at 50: time for bold action
