SingTel to Spend S$2 Billion on Buys as Profit Drops
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Singapore Telecommunications Ltd., Southeast Asia’s biggest phone company, plans to spend S$2 billion ($1.6 billion) within three years on acquisitions to boost growth after posting a drop in profit.
The company will focus on digital operations, including mobile advertising, and may increase stakes in regional associates, SingTel said in a filing. Net income fell 33 percent to S$868 million in the fourth quarter ended March, after the carrier took a loss on a stake sale and paid higher taxes.