Get 40% Off
🚀 Our AI Picked 6 Stocks that Jumped +25% in Q1. Which Picks Will Soar in Q2?Unlock full list

Singtel says no impending deal to divest Optus, shares sink

Published 03/04/2024, 04:06
Updated 03/04/2024, 04:06
© Reuters. Singapore Telecommunications Ltd (SGX:STEL), also known as Singtel, said on Wednesday that there was no impending deal to divest its Australian unit Optus, following which its shares fell sharply.

Singtel’s shares sank 3.5% to S$2.450- an over two-week low.

The firm said in a press release to the Singapore exchange that Optus remained a “strategic and integral part of the Singtel Group,” and that it reiterated that it had no impending deals to divest Optus. 

The telecom firm had denied reports in March that it was in advanced talks to sell Optus to Canadian private equity giant Brookfield Corp (TSX:BAM) for A$16 billion ($10.4 billion). 

Optus is Australia’s second-largest telecom operator, behind Telstra (OTC:TLGPY) Group Ltd (ASX:TLS), and has been a key part of Singtel’s businesses for over 20 years. But the unit had attracted much scrutiny in November after a debilitating 12-hour blackout, which prompted the resignation of Optus’ CEO and also a A$1.5 million fine.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.