Singapore Telecommunications said it does not plan to list its Australian unit Optus, refuting reports that it was working on an initial public offering valuing the wireless carrier at between A$8 billion ($5.54 billion) and A$12 billion.
Singtel on Monday called the news articles published by Australian media “highly speculative”, saying it regularly reviews its strategy and that it would make an announcement if there was any information that warranted disclosure.
The Australian said investment banks Goldman Sachs and Morgan Stanley had been involved in a plan to float Optus in recent months, but Singtel was expected to pause the listing due to market volatility.
Optus had reported operating revenue of A$7.84 billion and a core profit of A$2.07 billion for the 2021-2022 period.
Singtel shares rose 1.6% to S$2.62 by 0511 GMT.
Reuters