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30-06-2008, 03:00 PM

kohstersg

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Singapore Telecom to raise stake in Globe Telecom to 47.34%

Southeast Asia's biggest telecommunications company, Singapore Telecommunications Ltd., (SingTel) decided to raise its stake in Philippine associate Globe Telecom Inc. to 47.34 percent from 44.47 percent at a cost of P4.6 billion ($104 million).

SingTel said its wholly-owned subsidiary, Singapore Telecom International Pte. Ltd., has agreed to buy 3.8 million common shares of Globe from Philippine conglomerate Ayala Corp at 2.1 percent premium over Globe's closing price on Thursday. This news should act as a positive trigger for both SingTel and Globe telecom.

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