Singapore Telecommunications (STEL.SI), Southeast Asia’s largest telecoms firm, is unlikely to bid for Cable & Wireless Worldwide (CWP.L) as the company wants to focus on the Asia-Pacific region, Citigroup said on Tuesday.

“SingTel had clarified its preference to focus on acquisitions in the Asia Pacific region where it can build scale and drive revenue growth via penetration,” Citi analysts Arthur Pineda and Ravi Sarathy said in a note to clients after a meeting with the Singapore firm.

 

“This to us indicates that there is likely to be limited interest on the part of SingTel in acquiring C&W Worldwide, contrary to UK press reports.”

 

Shares of C&W rose to their highest level since a profit warning in July on Monday after a weekend report in the Independent on Sunday newspaper said the Singapore firm was considering a bid.