Singtel sells a 2.8% stake in Gulf Development Pcl for about S$1 billion (about $773 million), according to reports. The sale is part of the Singapore-based telecom operator’s broader shift toward funding growth initiatives, including investments tied to AI and data centers, while also seeking to generate cash for shareholders.
The stake being sold corresponds to a value reported by outlets as roughly $773 million. Gulf Development is described as Thailand’s largest energy company, and the transaction involves the divestment of part of Singtel’s existing holding in the Thai firm. CNBC frames the move as Singtel ramping up AI and data center investment, while the Financial Post highlights Singtel’s objective to raise funds both for expansion and for returning more money to shareholders.
Across the reports, the key details align on the company, the stake size (2.8%), the target company (Gulf Development), and the approximate proceeds (about S$1 billion or $773 million).
