Singtel to review strategic options for its stakes in associates

Published Mon, Apr 19, 2021 · 03:46 PM

SINGAPORE Telecommunications (Singtel) would be reviewing its strategic options to ensure that Intouch Holdings and Advanced Info Service shareholders get the full benefit of the intrinsic value of the businesses, it said in a bourse filing on Monday.

This comes after Thailand's power producer Gulf Energy Development made a conditional voluntary offer to buy all of Intouch Holdings' securities at 65 baht each. The energy company is founded by billionaire Sarath Ratanavadi and is listed on the Stock Exchange of Thailand.

Gulf Energy will also tender for Advanced Info's shares at 122.86 baht each if it manages to secure at least 50 per cent of Intouch, according to Advanced Info's filing.

Currently, Singtel has a 21 per cent effective equity interest in Intouch as at the financial year ended March 31, 2020, according to the telco's annual report for FY2020. Singtel also owns approximately 23 per cent of Advanced Info, according to the Singapore Exchange.

Singtel shares closed at S$2.60 on Monday, up 2 per cent or S$0.05.