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Singtel Sells $773M Stake in Gulf Development on June 23 to Fund AI Investments

GateNews
Stocks
According to CNBC, Singtel sold a 2.8% stake in Thailand's Gulf Development for approximately S$1 billion (US$773 million) on June 23. The transaction is expected to generate an equity gain of about S$140 million (US$108 million), leaving Singtel with a 4.95% stake in Gulf Development worth approximately S$1.8 billion (US$1.39 billion). Southeast Asia's largest telecom operator said the proceeds will support capital reallocation toward digital infrastructure and AI investments, as it plans to increase capital expenditure to S$3 billion this fiscal year from S$2.5 billion previously.
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