Singapore Telecommunications Thursday said it will acquire a stake in Thailand's Intouch Holdings and boost its holding in India's Bharti Telecom (BTL) to take advantage of faster growth in emerging markets.
Singtel said in a statement that it plans to acquire a 21 percent stake in Intouch for 1.58 billion Singapore dollars ($1.18 billion) and an additional 7.39 percent stake in Bharti Telecom for 884 million Singapore dollars, through wholly-owned subsidiaries.
"These two transactions...allow us to increase our economic interest in two companies, Advanced Info Service (AIS) and Bharti Airtel, and to operate in two countries where we think there will be a lot more economic growth," said Chua Sock Koong, group chief executive officer at Singtel Group, in a First on CNBC interview.
She cited those countries' young population demographics as a positive for the telecom business.
In a later statement to the Stock Exchange of Thailand on Thursday, the CEO of Intouch, Philip Chen Chong Tan, said that Intouch hadn't received any formal information about the deal from its major shareholder.