State-owned Singapore Telecommunications (Singtel) announced last Friday that it has sold a 70% stake in its Australian tower network to superannuation fund AustraliaSuper for A$1.9bn ($1.4bn). Singtel plans to use proceeds from the sale to fund a 5G rollout and for its data centres. Given the increased demand for data centres amid the pandemic, Singtel is planning to form a regional data centre platform focused on ASEAN countries. It has signed an MOU with Thai power and infrastructure company Gulf Energy and is in advanced talks with Telekom Indonesia for building/acquiring data centres in their respective countries. Singtel’s Group Chief Executive Yuen Kuan Moon said, “From our telecom towers to our data centres, it is imperative that we restructure our assets and re-organise our business to better fund, improve and grow our digital infrastructure.”

Singtel’s USD 1.875% 2030s traded 0.13 points higher to 98.58, yielding 2.05% currently.

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