SingTel subsidiary acquires Advanced Info Services shares

SingTel Strategic Investments is purchasing 61 million ordinary shares for as much as approximately S$328m.

Upon completion of the acquisition, SingTel’s interest in AIS will increase from 21.27% to 23.32%.

In an announcement SingTel said, “The amount payable by SSI for each Sale Share will be equivalent to the volume weighted average price of the shares of AIS on the Stock Exchange of Thailand for the 20 trading days prior to the date of the EGM, subject to a maximum price of Baht 130 per Sale Share and a minimum price of Baht 119 per Sale Share, representing a maximum aggregate consideration of Baht 7.930 billion (approximately S$328 million) and a minimum aggregate consideration of Baht 7.259 billion (approximately S$300 million) respectively.”

As at 4 November 2011, the closing market price of AIS shares on the Stock Exchange of Thailand was Baht 135 per share.