According to The Financial Express, SingTel has appointed financial advisors to assist it in raising around $4b from the market to increase the cash component of its contribution to the partnership should the Bharti-MTN deal materialise. However, when contacted, SingTel management informed that they are in still the process doing the due diligence and seeking financial advice related to the deal. There has been no confirmation regarding the $4b amount mentioned and the source to raise it.

we estimate that the Bharti-MTN transaction could potentially dilute SingTel's current ownership stake of 30.4% in Bharti to 19.5%. Hence, the possibility for SingTel participation to increase its stake in Bharti or exploration of other beneficial deal structures remains. Debt financing is also an option as it has a low gearing of 24%. The deal is still under discussion and could undergo further rounds of structuring changes. We expect to get more clarity in August after the exclusive talks come to an end.