5 Mar 2008
Tim Culpan and James Peng, Bloomberg
A Temasek Holdings Pte representative resigned from the board of Taiwan's E.Sun Financial Holding Co., as a report said Singapore's state owned investment company may sell its stake in the company.
Eric Chen, representative of Temasek-owned Adahlis Holdings B.V., quit as a director, E.Sun said in statement to the Taiwan Stock Exchange late yesterday. No reason for the resignation was given and no replacement named.
E.Sun executives, in a briefing Monday, said Temasek is seeking to sell its holding in the company and that Morgan Stanley may replace it as an investor, Citigroup Inc. analysts said in a research report today. Adahlis owns 6.28 percent of Taipei-based E.Sun, according to Bloomberg data.
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