SingTel expects up to $562m from Belgacom share sale

Singapore Telecommunications (SingTel) expects to book a net gain of 900-950 million Singapore dollars (532-562 million US) from the public listing of European telecoms group Belgacom, Southeast Asia's biggest phone company said Sunday.

It will record these gains in its fourth quarter to the March earnings report card.

The divestment of its 11.72 percent stake in the European telecom carrier is part of the company's plan to concentrate on building its business in Asia where it already has significant investments in many mobile phone service providers, it said in a statement.

"SingTel's divestment of Belgacom is in line with the company's intention to rationalise its investments outside the region," SingTel president and chief executive Lee Hsien Yang said.