An affiliate of Singapore state investment company Temasek Holdings has sold part of its stake in Thai telecommunications holding company Shin Corp. (INTUCH.TH) for around $687 million as Temasek reshuffles its portfolio, a person with knowledge of the deal said Thursday.
Cedar Holdings Ltd., in which Temasek holds a 49% stake, sold 330 million Shin Corp. shares, or 10.3% of the company, to Thai NVDR Co. and unnamed Thai investors, slashing its stake to about 13.3%, Shin Corp. said in a filing Thursday to the Stock Exchange of Thailand.
The statement didn't disclose the value, but the person familiar with the deal said the shares were priced at 63.25 Thai baht ($2.08) each. This would be a 5.6% discount to Shin Corp.'s closing price of THB67 on Wednesday. Full story
Related:
- Temasek Group Pares Stake in Shin Through $687 Million Sale - Bloomberg
- Temasek-Linked Firm Raises $687 Million in Shin Corp. Share Sale - WSJ Blog
- Temasek unit raises $687 mln in Shin Corp stake sale - Reuters UK
- Temasek slashes stake in InTouch - The Nation
