SingTel is raising its stake in its associate Globe Telecom of the Philippines, a Channels News Asia report said.
SingTel will buy a further 2.9% in Globe from Ayala for about $104 million in cash. That is a 2% premium over Globe's closing price on Thursday, the report said.
When the deal is done, SingTel's shareholding in Globe will rise to 47.34% from 44.47%.
SingTel has been seeking further expansion outside of its home market of Singapore.
It has said it will do this by raising its stakes in its associates or venturing into new markets.
Source:telecomasia.net
