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SINGAPORE -- Southeast Asia's biggest telecommunications company, Singapore Telecommunications Ltd., (SingTel) said on Friday it will raise its stake in Philippine associate Globe Telecom Inc. to 47.34 percent from 44.47 percent at a cost of P4.6 billion ($104 million).

SingTel said its wholly-owned subsidiary, Singapore Telecom International Pte. Ltd., has agreed to buy 3.8 million common shares of Globe from Philippine conglomerate Ayala Corp. at about P1,210.00 a share, at 2.1 percent premium over Globe's closing price of P1,185.00 on Thursday.

($1 = P44.24)

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• Euro slips against the dollar in Asia
• Asia weighed down by oil; central banks sell dollars
• Ayala says to re-invest $103 million from Globe stake sale

• BSP rules out ‘extraordinary measures’
• Simplified income tax bill revived
• BIR keeps tax take goal
• Gov’t readies tougher rules on CBWs
• Property firms turn cautious
• HSBC sees pump-priming in RP, Asia
• Bargain-hunting to boost stock prices
• Manila hosts 3 big Asean mining confabs
• Roxas group eyes port projects
• Local fuel demand still declining
• Splash buying back P400M worth of shares
• Eye for deals building Ongpin’s empire