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(Bloomberg) — Singapore Telecommunications Ltd. raised about S$1 billion ($773 million) by selling a 2.8% stake in Gulf Development Pcl, Thailand’s largest energy company, as it seeks to cash in on investments to fund growth and return more money to shareholders.
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The share sale, done through a private placement to institutional investors, will generate about S$140 million in gains, the telecom company said in a statement Tuesday. After the transaction, Singtel will hold a 4.95% stake in Gulf Development worth S$1.8 billion, it said.
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The deal ranks among Thailand’s largest block trades, according to data compiled by Bloomberg. It also brings the amount raised under Singtel’s asset-recycling program to S$6.8 billion since 2024, pushing the company closer to its S$9 billion medium-term target.
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Funds from the sale will support dividends, share buybacks and spending on digital infrastructure, according to Group Chief Financial Officer Arthur Lang. “This gives us considerable ability to fund and sustain our value realization dividend, value realization share buyback as well as digital infrastructure investments,” he said.
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Singtel has deployed about 34% of its planned S$2 billion share buyback program, spending roughly S$681 million to repurchase and cancel shares. Recently, the company also proposed an annual dividend of 18.5 Singapore cents a share, which would be its highest on record.
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In 2025, Singtel received a 7.7% stake in Gulf Development following the merger of Gulf and Intouch Holdings Pcl.
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Singtel shares fell as much as 1.8% in Singapore trading on Tuesday, while Gulf slipped 1.6% in Bangkok.
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—With assistance from Dave Sebastian.
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English (US)