Singtel shares surge 5.1% to new high on Bharti Airtel sale, talks for data centre deal
In a bourse filing on Friday morning, Singtel acknowledges that it is in talks about STT GDC as part of a consortium
[SINGAPORE] Shares of Singtel surged as much as 5.1 per cent on the back of news that one of its units will sell US$1.2 billion worth of Bharti Airtel shares.
The telecommunications operator is also in reported talks with global investment firm KKR & Co to fully own ST Telemedia Global Data Centres (STT GDC).
Singtel shares shot to S$4.73 as at 9.11 am on Friday (Nov 7), a rise of S$0.23 from its previous close of S$4.50. This was a new high for the stock.
Pastel on Thursday offered to sell 51 million shares in Indian mobile carrier Bharti Airtel. The transaction will occur on local bourses on Friday, with the settlement expected on Nov 10.
Shares of the telco previously rose to a record on Thursday after a Reuters report on “advanced talks” about the STT GDC deal, worth more than US$3.9 billion.
In a bourse filing on Friday morning, Singtel acknowledged that it is in talks about STT GDC as part of a consortium. However, it said that there was no guarantee of any “definitive or binding” agreement.
The telco also cautioned investors against trading based solely on media reports before official announcements of such deals.
