Singapore Telecommunications is making another good call. The $31 billion telecom operator is offloading a 3.3% stake in India’s Bharti Airtel for $1.6 billion, the first time in two decades. The deal will help new Chief Executive Yuen Kuan Moon’s efforts to boost shareholder returns.
as well as the benchmark FTSE Straits Times index over the past five years, the company is outperforming both by at least 8 percentage points over the past year, Refinitiv data shows.
Bharti Airtel was an obvious candidate. The stock has returned some 5000% over the duration of the relationship, against Singtel’s 84%. A further limited sell-down may be in the works as the Singaporean group, which still effectively holds 29.7% after the deal, intends to equalise its stake with the Indian company’s controlling Mittal family, which currently owns about 26%.
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