Singtel Sells Stake in Thailand's Gulf Development for Over $770 Million
By Kimberley Kao
Singapore Telecommunications sold a 2.8% stake in Thai energy company Gulf Development for over US$770 million.
The telecom company said Tuesday that it sold the stake via a private placement to international and domestic institutional investors for about 1 billion Singapore dollars, equivalent to US$773.2 million. The transaction will result in cumulative gains of approximately S$140 million in equity, Singtel said.
After the transaction, Singtel will hold a 4.95% stake in Gulf Development, valued at an estimated S$1.8 billion.
"This divestment underscores Singtel's concerted efforts to optimize our portfolio as we continue our disciplined approach to capital management," said Arthur Lang, Singtel's group chief financial officer.
"Gulf Development's share price has performed strongly since listing, providing an attractive opportunity for Singtel to crystallize value and reallocate capital towards growth and driving shareholder returns," Lang said.
Singtel said its capital asset recycling program has unlocked S$6.8 billion since 2024.
Singtel has deployed approximately 34% of its planned S$2 billion value realization share buyback, it added.
Singtel shares were 1.4% lower in Tuesday afternoon trade, while Gulf Development's stock was 0.4% lower.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
June 23, 2026 01:06 ET (05:06 GMT)
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