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SingTel subsidiary reduces stake in Globe Telecom

Telecomworldwire, March 16, 2005

TELECOMWORLDWIRE-16 March 2005-SingTel subsidiary reduces stake in Globe Telecom(C)1994-2005 M2 COMMUNICATIONS LTD http://www.m2.com

Telecomms group Singapore Telecommunications (SingTel) has said that its subsidiary Singapore Telecom International (STI) has sold 4,202,401 common shares in telecomms company Globe Telecom.

The sale is in conjunction with Globe's share buyback exercise, in which the company has offered to purchase from shareholders one common share for every 15 common shares held, at PHP950 per share. STI received PHP3.97bn for the transaction and saw its stake in Globe drop from 45.1% to 44.6%.

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The buyback will see SingTel record an estimated SGD23m net loss in its consolidated financial results for the quarter ending 31 March 2005.

((Comments on this story may be sent to tww.feedback@m2.com))

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