Singtel stock faces new Telkomsel ownership question

Indonesia's government has asked state-controlled Telkom to pursue the buyback of up to Singtel's 35% stake in Telkomsel, adding a new portfolio decision ahead of Singtel's half-year results on Friday. The development was reported by The Edge Malaysia on Thursday, November 12.

Indonesia seeks a Telkomsel buyback

The Indonesian government instructed Telkom's board during its annual shareholders' meeting to buy back up to the 35% holding owned by Singtel in Telkomsel, Indonesia's largest mobile operator. Telkom currently owns the remaining 65% of the business.

The proposal still requires discussions on financial terms. Telkom CEO Rinaldi Firmansyah said the company would talk with Singtel, while Telkom's chief commissioner said the outcome of the talks must be announced before year-end. Telkom said the transaction would support its profit ambitions in a highly competitive mobile market.

Singtel keeps strategic stance

Singtel said it has a good partnership with Telkom and Telkomsel and remains a long-term, strategic investor in Indonesia. That response signals that a sale is not presented as an agreed transaction, leaving the possible timing, valuation and use of any proceeds unresolved.

For investors, the proposal creates a separate capital-allocation question alongside Singtel's recent Far EasTone disposal. A completed Telkomsel sale could increase financial flexibility, but it would also reduce Singtel's exposure to one of Southeast Asia's largest mobile markets. The effect on recurring earnings would depend on the final structure and valuation.

Quote remains a dated reference

Singtel stock traded at 2.87 euros on Lang & Schwarz at 10:30 a.m. Berlin time on Saturday, October 31, 2026.

Singapore market trading provides the relevant regional backdrop for current market reports.

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