Singapore Telecom (Singtel) has acquired a 21-per-cent stake in Intouch Holdings, which raises its economic exposure to Thailand’s telecommunications market.
According to Intouch’s statement to the Stock Exchange of Thailand yesterday, its shareholder Aspen Holdings sold its 21-per-cent share in Intouch to Singtel’s wholly owned subsidiary Singtel Global Investment.
After the transaction, Aspen now holds 19.50 per cent in Intouch, down from 40.50 per cent.
The change to the company’s shareholding structure will not affect its management structure or business operation, Intouch said in the statement.
Singtel said in a filing to the Singapore Exchange in August that it would spend 2.47 billion Singapore dollars (Bt61.7 billion) to buy the 21-per-cent stake in Intouch and a further 7.39-per-cent stake in Bharti Telecom from Temasek Holdings for S$2.47 billion in cash.
The acquisitions give it an opportunity to increase its economic exposure to the high-growth telecom sectors in Thailand and India.
Aspen is Temasek’s indirect wholly owned subsidiary.
Intouch is the parent company of Advanced Info Service, Thailand’s largest cellular operator in terms of subscriptions.
Singtel owns a 23.3-per-cent stake in AIS, while Intouch owns 40.4 per cent.

VOLKSWAGEN TO CUT 30,000 JOBS

Volkswagen yesterday said it will cut 30,000 jobs at its own brand unit under a huge savings plan aimed at helping the German auto giant recover from the “dieselgate” emissions cheating scandal.
The deal, agreed with labour representatives after months of tortuous negotiations, will lead to annual savings of 3.7 billion euros ($3.9 billion, Bt 139 billion) by 2020, VW brand chief Herbert Diess announced.
“Worldwide we will cut about 30,000 positions, including 23,000 positions in Germany,” he said, adding that these would be mostly through measure such as attrition and cutting temp jobs.
“I am very sorry for those affected, but the situation of the brand at the moment gives us little room for manoeuvre,” he told a press conference at the group’s Wolfsburg headquarters in northern Germany.
The so-called “Future Pact” agreed with labour leaders will also see VW create 9,000 new positions, as part of the group shift to electric vehicles in the wake of dieselgate.
VW was plunged into crisis last year after it admitted to installing software in some 11 million diesel vehicles worldwide that could detect when they were undergoing regulatory tests and lowered emissions accordingly to make the cars seem less polluting than they were.- AFP