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
Friday, June 27, 2008
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