Singapore Telecom International sells 4.2 million shares in Globe Telecom Inc.

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Singapore Telecom International sells 4.2 million shares in Globe Telecom Inc.

April 15, 2005

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Singapore Telecom International (STI) has sold 4.2 million shares in the Philippines' Globe Telecom Inc. STI sold its shares back to Globe following the latter's offer to buy back one common share for every 15 common shares of Globe from its shareholders at 950 pesos per share. Following the stake sale, STI's shareholding in Globe has been reduced to 44.6 per cent from 45.1 per cent. The net amount received by STI from the Globe share buyback exercise, after transaction costs, was about 3.97 billion pesos.