Singtel sells S$1 billion Gulf stake to fund AI, data center push
What's new: The sale leaves Singtel with a 4.95% Gulf stake and adds about S$140 million in equity gains.
Singtel sold 2.8% of its holding in Thailand’s Gulf Development for about S$1 billion in a private placement to institutional investors, as the Singapore telecom group recycles capital into higher-growth businesses. The deal will generate cumulative equity gains of about S$140 million and leaves Singtel with a 4.95% stake in Gulf, valued at roughly S$1.8 billion. Singtel said the disposal supports its Singtel28 plan, which has now unlocked S$6.8 billion toward a raised midterm recycling target of S$9 billion. The company has tied that strategy to shareholder returns and heavier spending on digital infrastructure, with capital expenditure expected to reach about S$3 billion this fiscal year, including investment in AI and data centers.