Singtel Denies Plans to Divest from Optus Amidst Speculation

Singtel denies reports of considering divestment from Optus. Singtel views its stake in Optus as strategic and believes in the long-term outlook of the business. Optus has faced challenges including a network blackout and a class action lawsuit.

Credit: REUTERS

Singapore Telecommunications (Singtel) has firmly denied reports suggesting that it is considering divesting from its Australian subsidiary, Optus. The company responded to a report by the Australian Financial Review (AFR) which claimed that Optus executives were exploring options to sell off certain divisions of the business.

Optus, Australia's second-largest wireless operator, has been a wholly owned subsidiary of Singtel. Singtel has emphasised the strategic importance of its stake in Optus and its belief in the long-term prospects of the business.

In a statement, Singtel said, "Singtel views its stake in Singtel Optus Pty Limited as strategic and believes in the long-term outlook of the Optus business."

The speculation about a potential divestment comes at a challenging time for Optus. The company faced public backlash in November when a 12-hour network blackout affected over 10 million Australians. Additionally, Optus is currently dealing with a class action lawsuit related to a major data hack that occurred in 2022.

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• Singtel denies reports of considering divestment from Optus

• Singtel views its stake in Optus as strategic and believes in the long-term outlook of the business

• Optus has faced challenges including a network blackout and a class action lawsuit

Source: REUTERS