Too early to decide on Bharti's MTN plans: SingTel

NEW DELHI: Singapore's leading telecom operator SingTel, which holds over 30 per cent stake in Bharti Airtel, on Wednesday said it is too early to decide on joining the Indian mobile operator's efforts to acquire MTN.

In an analyst conference call to discuss the fourth quarter results of SingTel's Chief Executive (International Operations) Lim Chuan Poh said talks between Bharti and MTN are at an initial stage.

"Bharti and MTN discussions are very exploratory and very preliminary and we are not able to offer an answer to your question whether it is going to be a direct or indirect attachment," Poh said.

On Tuesday, Bharti Airtel had said it had not made any bid so far. "Bharti would like to clarify that it has not made any bid, nor is there any requirement to make a bid, as has been incorrectly speculated and reported," the company had said in a statement.

SingTel has posted a net profit of SGD 1.09 billion for the fourth quarter ended March 31, 2008, compared to SGD 989 million in the year-ago period.

The group had a exceptional gain of SGD 153 million in the latest quarter from Bharti's sale of minority stakes to investors in its tower subsidiary, Bharti Infratel.

Bharti had raised USD 1.27 billion by selling minority stakes in Bharti Infratel to private equity investors.

The Groups share of Bhartis pre-tax profit in Singapore dollars rose 41 per cent to SGD 222 million in the three months ended 31 March 2008 from a year ago.

"The higher contribution included the 2 per cent appreciation of the Indian rupee against the Singapore dollar," SingTel said in a statement.