SingTel pays $141 mln for more Globe shares

SingTel has bought an additional 3.8 million Globe Telecom shares from Ayala Corporation for 4.6 billion pesos (US$102.8 million).

The acquisition will raise the Singapore telco's stake in Globe -- the second-largest Philippine phone company -- to 47.34 per cent from 44.47 per cent.

Ayala plans to reinvest the 4.6 billion pesos from the sale in its electronic manufacturing and outsourcing businesses, it said in a statement on Friday.

Manila-based Ayala also owns the nation's largest bank by market value and the largest builder.
'Our value as a holding company lies in our ability to re- allocate and turn over capital in order to start new investment cycles,' Ayala chairman and chief executive officer Jaime August Zobel de Ayala said in the statement.

BT Newsroom