Singapore Telecommunications said on Tuesday it had sold a 2.8% stake in Thailand-listed energy development firm Gulf Development for about S$1 billion ($773.16 million) in an effort to redeploy capital.
Singtel said the transaction, executed via a private share placement, would result in a gain of about S$140 million.
Southeast Asia’s largest telecom operator now has a nearly 5% stake in Gulf Development, which is valued at around S$1.8 billion.
The Singapore-listed firm said it had received a 7.7% stake in the Thai energy development firm, after the $25 billion merger of Thailand-based telecoms operator Intouch Holdings and Gulf Energy.
Singtel said it had deployed about 34% of its planned S$2 billion share buyback programme, as of June 2, 2026.
Gulf Development declined to comment when contacted by Reuters.
Reuters
