Singtel Global Investment is seeking to sell as much as 24.96 billion baht ($979.6 million) worth of Gulf Development shares in a block trade, according to terms of the deal seen by Bloomberg, offering offering 416 million shares at 58.80 baht to 60 baht each, reflecting a discount of 2% to 4% to June 22’s closing price of 61.25 baht.
Bloomberg Intelligence says Singtel's sale of most of its Gulf Development stake could free up as much as $980 million for its digital infrastructure push, shareholder returns and the $740 million STT GDC outlay, while retaining nearly 5% for a later exit.
The deal doesn't signal a retreat from Thailand, where the telco still relies on its 24.8% stake in Advanced Info for dividend income.
Proceeds could lift asset recycling to $7.5 billion, moving Singtel closer to its $9 billion target and sharpen its push into higher-growth AI digital infrastructure, including GPU-as-a-Service.
