Temasek Holdings is selling up to 500 million shares in Singapore Telecommunications Ltd
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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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