Singtel sells nearly 3% stake in Gulf Development for about $773 million

Singapore Telecommunications said on Tuesday it had sold a 2.8% stake in Thailand-listed energy development firm Gulf ‌Development for ⁠about ⁠S$1 billion ($773.16 million) in an effort to redeploy capital.

Singtel said the transaction, executed via a private share placement, would result in ⁠a gain ‌of about S$140 million.

Southeast Asia’s largest telecom operator ⁠now has a nearly 5% stake in Gulf Development, which is valued at around S$1.8 billion.