Easybourse.com, 24 Nov 2008
HONG KONG -(Dow Jones)- Singapore state investment company Temasek Holdings Pte Ltd. would raise its state in Standard Chartered PLC (STAN.LN) to 22% from the existing 19% if the regulators approve such a move, people familiar with the situation said Monday.
"They would like to boost the stake above 20%. This is the one bank in Asia that they really believe in," said one person familiar with the situation.
Standard Chartered Group Chief Executive Peter Sands told reporters in a conference call earlier that Temasek is underwriting 33% of a rights issue that would raise GBP1.78 billion for the U.K. lender. That consists of 19% of the new shares on offer that it is entitled to purchase, in proportion to its current stake, and an additional 14% that it is entitled to purchase as an underwriter.
Read More
Related News:
HKMA Yam Reiterates Note Issuers' 20% Foreign Ownership Cap - Easybourse.com, 24 Nov 08
