Singtel says not contemplating divesting from Australia’s Optus

(Reuters) – Singtel mentioned on Tuesday it was not trying to divest from its Optus unit, Australia’s second-largest wi-fi operator, refuting a report from Australian Monetary Evaluation (AFR).

AFR had earlier reported on Tuesday that Optus executives have been exploring choices together with promoting off the corporate’s enterprise and enterprise divisions.

Optus is a completely owned subsidiary of Singapore Telecommunications, generally known as Singtel.

“Singtel views its stake in Singtel Optus Pty Restricted as strategic and believes within the long-term outlook of the Optus enterprise,” the corporate mentioned in a press release.

Sydney-based Optus, which drew public ire after a 12-hour community blackout affected over 10 million Australians in November, can be dealing with a category motion lawsuit over a large 2022 information hack.

(Reporting by Poonam Behura in Bengaluru; Modifying by Shweta Agarwal and Tasim Zahid)