Singapore Telecommunications raised about S$1 billion by selling a 2.8% stake in Gulf Development, Thailand's largest energy company, through a private placement to institutional investors. The sale is expected to deliver about S$140 million in gains, while Singtel will retain a 4.95% stake in Gulf worth S$1.8 billion. This brings Singtel closer to its S$9 billion medium-term asset-recycling target, having raised S$6.8 billion since 2024. Group Chief Financial Officer Arthur Lang said the proceeds provide capacity to fund the value realization dividend, share buyback, and digital infrastructure investments. Singtel has deployed about S$681 million of its planned S$2 billion buyback program and proposed a record annual dividend of 18.5 Singapore cents per share.
Gulf Energy Development Public Company LimitedSingtel sold a 2.8% stake in Gulf Development, reducing its holding, which may signal reduced strategic interest or need for cash, but impact is limited as Singtel retains a 4.95% stake.
Singapore Telecommunications LimitedSingtel raised S$1 billion from stake sale, generating S$140 million gains, advancing its asset-recycling target, funding buybacks and dividends.