Singtel sold a 2.8% stake in Thailand’s Gulf Development for about S$1 billion through a private placement to institutional investors on June 23, 2026 [1, 2, 3, 4, 5, 6, 7]. The sale will generate cumulative gains of approximately S$140 million (about 1.4 billion Thai baht) [1, 2, 3, 4, 5, 6, 7].

After the transaction, Singtel retains a 4.95% stake in Gulf Development valued at about S$1.8 billion [1, 3, 4, 5, 6, 7]. A 90-day lockup applies to the remaining shares, indicating Singtel’s intention to hold a significant residual position in the near term [6, 7]. Singtel originally received a 7.7% stake in Gulf Development in 2025 after the amalgamation of Intouch Holdings and Gulf [1, 2, 4, 6, 7].

Singtel has raised S$6.8 billion since 2024 under its Singtel28 asset recycling programme, which targets S$9 billion in medium-term capital recycling [1, 3, 4, 6, 7]. Arthur Lang, Singtel CFO, described the sale as "an attractive opportunity for Singtel to crystallise value and reallocate capital towards growth and drive shareholder return" [4, 6].

Proceeds from the sale will support dividends, share buybacks, and investments in digital infrastructure including data centers and artificial intelligence (AI) services [1, 4, 5, 6, 7]. Singtel has spent about S$681 million on roughly 34% of its planned S$2 billion share buyback programme [1, 3].

Singtel expects its 2026 fiscal year capital expenditure to reach about S$3 billion, up from S$2.5 billion last year [5]. CEO Yuen Kuan Moon said S$1.2 billion will focus on data centers and AI services in the region, particularly sovereign AI services for Singapore. He said, "1.2 billion are really earmarked for growth into data center into AI, which is our GPU as a service for the region, and in particular providing sovereign AI services for Singapore" [5].

Singtel shares fell about 1.8% on June 23 following the stake sale announcement [1, 3, 5]. Analyst Sachin Mittal of DBS Group Research noted the remaining stake is "modestly sized but non-trivial," and said the lockup suggests Singtel plans to retain a position rather than fully exit [6].

Singtel continues to view Thailand as a key market and maintains strong partnership with Gulf Development and AIS [1, 4, 6, 7].