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SingTel to be cautious with Internet investments

In its annual report released on Thursday, SingTel’s chairman said the company will be cautious in its investments in the digital space.

SINGAPORE: With valuations for internet firms at record highs, Singapore Telecommunications (SingTel) will be cautious when investing in the digital space, the firm said in its annual report.

"Group Digital L!fe is delivering to expectations, giving us the confidence to expand further into the digital space," SingTel chairman Simon Israel said in the report released on Thursday (June 26). "However, with valuations of Internet companies at record-high levels, we have been cautious in our investments."

SingTel, Singapore's largest company by market capitalisation, has been trying to develop new growth engines in the digital space to complement its existing mobile and fixed line services that have become increasingly commoditised.

The strategy includes investing in technology start-ups to help generate new content and services. Earlier this month, SingTel said its subsidiary Amobee will spend US$359 million (S$450 million) to buy over advertising technology companies Adconion and Kontera Technologies.

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