– Singapore Telecommunications Ltd (SGX:), also known as Singtel, said on Wednesday that there was no impending deal to divest its Australian unit Optus, following which its shares fell sharply.

Singtel’s shares sank 3.5% to S$2.450- an over two-week low.

The firm said in a press release to the Singapore exchange that Optus remained a “strategic and integral part of the Singtel Group,” and that it reiterated that it had no impending deals to divest Optus. 

The telecom firm had denied reports in March that it was in advanced talks to sell Optus to Canadian private equity giant Brookfield Corp (TSX:) for A$16 billion ($10.4 billion). 

Optus is Australia’s second-largest telecom operator, behind Telstra (OTC:) Group Ltd (ASX:), and has been a key part of Singtel’s businesses for over 20 years. But the unit had attracted much scrutiny in November after a debilitating 12-hour blackout, which prompted the resignation of Optus’ CEO and also a A$1.5 million fine.

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