Singapore Telecommunications confirmed on Friday it has divested its 3.98% stake in Taiwan’s Far EasTone Telecommunications Co Ltd for T$8.03 billion ($339.3 million).

SingTel, Southeast Asia’s biggest telecoms firm, said it will see a gain of about $118 million from the on-market sale. The gain will be reflected in the first quarter ending June 30.

On Thursday IFR reported SingTel was selling its stake in Far EasTone and Goldman Sachs was the sole bookrunner for the deal.

{jcomments on}