Airtel remains a core investment in our international portfolio: Singtel

Singapore-based Singtel Group (Singapore Telecommunications Limited) on Friday said that Airtel remains a core investment in its international portfolio while referring to media reports that it was planning to sell a stake in Bharti Airtel worth up to $2 billion to Bharti Telecom.

In a press release, Singtel said, “We would like to make patently clear that we have been strategic investors in Airtel for decades and it remains a core investment in our international portfolio. As for the media hearsay, we do not comment on market speculation and abide by market disclosure rules pertaining to material transactions.”

“As per our current strategic reset which we shared with the market last May, one of our focus areas is to narrow the significant valuation gap which Singtel shares suffer from as it does not reflect the value of the holdings in our associates,” the statement said.

“We have taken proactive steps to illuminate the value of our portfolio of strategic investments to deliver attractive returns for our shareholders. Some examples include the divestment of the Group’s 70 per cent stake in ATN which owns Optus Towers; working with Gulf in Thailand to enhance value in our regional associate AIS; and a partial divestment of 1.6 per cent in Airtel Africa via a market placement to raise S$150 million as part of our capital recycling strategy,” the statement added.

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