SingTel completes Thai deal

Mon, 21 Feb 2000 | Source: AP

SINGAPORE (AP): Singapore Telecommunications said late Friday it has completed the acquisition of a 20 percent stake in Advanced Information System PCL, Thailand's largest mobile phone operator.

SingTel has increased its stake in Advanced Info to 20 percent from 18.63 percent following the purchase of 3.7 million shares at 230 baht (US$6.06) each.

SingTel's stake in Advanced Info is now worth S$1.37 billion (US$806 million), the company said in a statement.

Overseas investments accounted for 14.2 percent of SingTel's pre-tax profit of S$189 million for the half of the year ended Sept. 30, 1999, the company said.

SingTel has S$7 billion (US$4.1 billion) worth of investments in 69 joint ventures and strategic investments in 20 countries.

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