SINGAPORE, June 23 (Xinhua) -- Singapore Telecommunications Ltd. (Singtel) said Tuesday it has sold a 2.8 percent stake in Thailand's largest energy firm Gulf Development for about 1 billion Singapore dollars (about 770 million U.S. dollars), as part of its asset recycling program aimed at funding growth and enhancing shareholder returns.
Singtel said in a statement that the stake sale, executed through a private placement to institutional investors, generated cumulative equity gains of about 140 million Singapore dollars.
Following the transaction, Singtel's holding in Gulf Development will be reduced to 4.95 percent, valued at an estimated 1.8 billion Singapore dollars. ■
