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SingTel sells 0.8% stake in India's Bharti Airtel for $711 mln

Credit: REUTERS/Edgar Su

Updates with further details and background from paragraph 2

March 7 (Reuters) - Singapore Telecommunications STEL.SI on Thursday said it has sold a 0.8% stake in Indian associate Bharti Airtel BRTI.NS for S$950 million (nearly $711 million) to U.S. investment firm GQG Partners GQPIL.PK, GQG.AX.

The deal is the latest of Southeast Asia's largest telcom operator's efforts to recycle capital, which brings the total to S$8 billion since its strategic reset in 2021.

"The Group is now in an even stronger position to execute our disciplined capital approach of balancing investing for greater growth and delivering strong, sustainable returns for our shareholders," SingTel finance chief Arthur Lang said.

The Group is expected to record a gain of around S$700 million from the stake sale.

($1 = 1.3365 Singapore dollars)

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Dhanya Ann Thoppil and Varun H K)

((Rishav.Chatterjee@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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