Singtel acquires 16.3% stake in Emtek-backed Bank Fama

Photographer: Nicky Loh/Bloomberg

Singtel Alpha Investments Pte. Ltd., a wholly-owned subsidiary of Singapore Telecommunications Limited, has acquired a minority stake in PT Bank Fama International in a bid to pursue banking opportunities in Indonesia.

Singtel bought 2.4 billion new shares worth Rp500 billion ($34.9 million) issued by the Indonesian lender which represents a 16.26% stake, the company said in a statement on Friday.

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