Lucid Group Files Massive Shelf Offering, Stock Slips Lower

© Reuters. FILE PHOTO: A view of Singtel’s head office in Singapore May 12, 2016. REUTERS/Edgar Su/File Photo

(Reuters) – Singapore Telecommunications on Monday said it entered into an agreement with MC2 Titanium, LLC to sell its stake in cyber security business Trustwave for $205 million.

Southeast Asia’s largest telecom firm began a strategic review of its 98% interest in Trustwave in 2021 after buying it for $770 million in 2015.

The divestment comes after SingTel incurred an impairment charge of S$336 million ($245.92 million) on Trustwave in the second half of 2021.

The divestment is expected to be completed by the fourth quarter and will not have a material impact on the group for fiscal 2024, the company said in a statement.

($1 = 1.3663 Singapore dollars)

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By Reuters