SingTel sells stake in Norwegian mobile telco

National carrier Singapore Telecommunications (SingTel) has sold its entire 19.6 per cent stake in Norwegian mobile phone operator NetCom ASA in order to focus on its investments in the Asia-Pacific region, the company announced on Tuesday.

SingTel has sold its holding in NetCom to Danish company Tele Danmark A/S for 2.68 billion kroner ($A590 million) and plans to use the funds for expansion or extra investments in the Asia-Pacific region, company officials said on Tuesday. SingTel's initial investment in NetCom was $S69.5 million ($A64 million), SingTel officials said.

The Singaporean carrier's only remaining investment in Europe is in Belgian carrier Belgacom, whose strong performance last year earned $264 million ($A242 million) in profits for SingTel.

In Asia, SingTel has a major stake in Philippines carrier Globe Telecom, an 18.6 per cent stake in Thailand's largest cellular operator Advanced Info Service, and a share in Vietnam's Call-Link mobile phone operation.

SingTel sold its stake in Australian carrier AAPT for $140 million in April, but at the same time announced a broadening of its strategic cooperation with Australia's largest carrier, Telstra, and Japan's Kokusai Denshin Denwa (KDD).

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More about AAPTASAGlobe TelecomKDDNetcomSingapore TelecommunicationsSingtelTelstra Corporation

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