"We are pleased to have increased our holding in
StarHub, in conjunction with our partners ST Telemedia and we will look to take
advantage of further growth opportunities to develop our presence in Southeast
Asia as they arise," Qtel Group Chief Executive Nasser Marafih said on
Wednesday.
The acquisition was completed through a share purchase
agreement with Aranda Investments, a unit of Singapore state investor Temasek. No
financial detail was given.
Asia Mobile Holdings now controls 56.55 percent of
StarHub, with Qtel's effective holding 14.1 percent, the statement added.
StarHub shares were down 1.05 percent at 0630 GMT at
S$2.83.
Last week, StarHub posted a 7.6 percent drop in
third-quarter net profit as operating expenses rose faster than revenue.
Qtel's third-quarter numbers, reported at the end of
October, saw a 13 percent fall in net profit, which the company attributed to
seasonal promotions and foreign exchange losses.
