Vol. 5 Num 263 Tue. February 22, 2005  

SingTel to sell four properties worth $194m

Singapore Telecommunications (SingTel) said Monday it would sell four local properties worth 316.3 million Singapore dollars (194 million US) to use its financial resources more effectively.

The cash sale to Singapore-listed Ascendas Real Estate Investment Trust (A-REIT) is expected to be sealed in March, SingTel said in a statement.

"This sale is in line with our strategy to better utilise capital and free up cash resources that can be redeployed in our telecommunication business as well as in new investments," chief financial officer Chua Sock Koong said.

SingTel will make a capital gain of 117 million dollars on the sale.

SingTel, majority owned by the Singapore government, is Southeast Asia's largest telecoms firm with a regional mobile subscriber base of almost 62 million.

It has a wholly owned Australian unit Optus and owns stakes in Thailand's Advanced Info Service, India's Bharti, the Philippines' Globe and Indonesia's Telkomsel.