Business Services Industry
SingTel to spend $104 million to increase its stake in Globe Telecom.(SINGAPORE)
Asia Pacific Telecom, July, 2008
Singapore Telecommunications Ltd. (SingTel) announced that it has decided to increase its stake in Philippines-based Globe Telecom Inc. to 47.34 percent from the current 44.47 percent by spending $104 million.
SingTel announced that its affiliate, Singapore Telecom International Pte. Ltd., will acquire 3.8 million common shares of Globe Telecom from Ayala Corp. at around $27 per share.
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