A man looks out of a window under the Singtel sign at its headquarters in Singapore on February 12, 2015. REUTERS/Edgar Su GLOBAL BUSINESS WEEK AHEAD

[Reuters]- Singapore Telecommunications (STEL.SI) said Tuesday it will sell its loss-making digital marketing arm Amobee to London-listed Tremor International (TRMR.L) for $239 million. business.

Singtel launched a strategic review of US-based Amobee last year after posting an impairment charge of S$589 million ($424.9 million). (https://reut.rs/3z6jgma)

The division, which Singtel acquired in 2012 for $321 million, also posted negative core earnings in the second half due to weak advertising revenue.

“We are actively restructuring our portfolio to ensure optimal allocation of resources to new growth drivers and enhance shareholder value,” Singtel CEO Yuen Quang Moon said in a statement. there are,” he said.

Southeast Asia’s largest telecommunications company said net gains from the sale after the transaction, which is expected to close by September, are estimated at about $197 million.

Digital advertising firm Tremor will finance the acquisition with existing cash resources and a new $100 million credit line, the company said.

Moelis & Company advised Singtel on the sale.

($1 = 1.3862 Singapore Dollar)

Reported by Navya Mittal, Bangalore. Edited by Devika Symnath

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