Singtel emphasised Bharti Airtel remained a core part of its international portfolio, but declined to directly rubbish media speculation it was set to sell a stake in the Indian operator for $2 billion.
In a stock market statement responding to reports in newspapers Business Times and The Economic Times (ET) Singtel highlighted it had been an investor in Bharti Airtel for decades and illustrated its ongoing importance.
“As for the media hearsay, we do not comment on market speculation and abide by market disclosure rules pertaining to material transactions.”
The company did, however, highlight recent asset sales undertaken as part of a drive to deliver returns to shareholders. These included the partial divestment of a stake in Airtel Africa and the sale of 70 per cent of Australia Tower Network.
Singtel’s statement came on the same day it credited Bharti Airtel’s contribution to gains in its fiscal H2 2022 and a day after ET reported rumours the Singapore operator group could sell up to $2 billion worth of shares across Bharti Airtel and holding company Bharti Telecom.
A sale at that level, ET added, would take Singtel’s stake in the Indian operator to less than 30 per cent.Subscribe to our daily newsletter Back