New Street: SingTel (Buy, TP: S$4.4), Bharti (Buy, TP: INR1,300) Our Take on SingTel’s 3.3% direct stake sale of Bharti Airtel
This morning, SingTel reported the sale of 3.3% direct stake in Bharti Airtel to Bharti Telecom for S$2.25 bn (US$1.62 bn), any time before 23 November 2022. This confirms rumours over the past few months as the Mittal family was said to be raising funds for the potential purchase. We see this as positive for both Bharti and SingTel.
Singapore Telecommunications is engaged in the operation and provision of telecommunications systems and services, and investment holding. Co. provides a range of multimedia and Information and communications technology solutions, including voice, data and video services over fixed and wireless platforms. Within both Singapore and Australia, Co. provides mobile communications, data and Internet, national telephone, information technology and engineering, sale of equipment, international telephone and pay television. Co.'s key businesses include: Group Consumer, Group Digital L!fe, and Group Information and communications technology.
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