(Bloomberg) -- Singapore Telecommunications Ltd. trimmed its stake in Indian phone carrier Bharti Airtel Ltd. by selling about S$950 million ($710 million) in stock, gaining funds to invest in areas such as data centers.

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The sale, to US investment firm GQG Partners, decreases Singtel’s stake to 29% from 29.8%, it said in a statement Thursday. Singtel will book a gain of about S$700 million, and its remaining holding in Bharti Airtel is valued at an estimated S$33 billion, it said.

Southeast Asia’s biggest telecom operator has been streamlining its portfolio as it focuses on 5G operations and seeks new growth engines such as data centers. It’s been a backer of Bharti Airtel for more than 20 years and previously sold a S$2.54 billion stake in the carrier in 2022.

Singtel said its asset restructuring effort has “allowed the group to fund the growth of its data center and IT services, as well as reduce net debt.”

Shares of Singtel rose 0.9% in Singapore, while those of Bharti Airtel advanced 0.5% in Mumbai.

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