Business Services Industry
SingTel hikes its holding in Globe Telecom.(SINGAPORE)
Asia Pacific Telecom, August, 2008
According to a new report from Channel News Asia, Singapore-based telecommunications firm SingTel is increasing its holding in Philippines-based Globe Telecom. The Singaporean telecom operator plans to acquire another 2.9 percent stake in Globe from Ayala for around $104 million. The report said that this represents a 2 percent premium over Globe's recent closing price.
Following the completion of the deal, SingTel's stake in Globe would increase to 47.34 percent from 44.47 percent. SingTel is currently on the lookout for opportunities to expand outside of its home market.
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