Temasek Holdings is selling up to 500 million shares in Singapore Telecommunications Ltd
Temasek Holdings is selling up to 500 million shares in Singapore Telecommunications or Singtel to raise as much as US$1.34 billion.
A Temasek spokeperson has confirmed the sale, saying that Temasek rebalances its portfolio from time to time.
According to reports, the deal comprises 400 million SingTel shares priced between $3.20 to $3.25.
This translates to some $1.3 billion.
An upsize option for an additional 100 million shares may increase the deal size to $1.34 billion, if exercised.
If all 500 million shares are sold, Temasek's stake in the telco will drop from 54.5% to 51.3%.
The sale represents a small stake relative to Temasek's entire Singtel holding.
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