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Singtel begins strategic review of digital assets after major losses
- Friday | 14th May, 2021
Reuters) – Singapore Telecommunications Ltd said on Friday it has begun a strategic review of digital marketing arm Amobee and cyber-security business Trustwave. Singtel, whose biggest shareholder is state investor Temasek Holdings, also said it expects to report full-year net exceptional losses of S$1.21 billion ($907 million). It bought Amobee for $321 million in 2012 and Trustwave for $770 million in 2015. The review marks the first major overhaul under Yuen Kuan Moon, who became chief executive officer in January. Optus, Singtel’s Australian subsidiary, will also record non-cash impairments and write-downs of A$197 million (S$204 million), mainly related to its legacy fixed access networks, as well as an exceptional charge of A$98 million related to review of its staff compensation.
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