Temasek to sell SingTel shares
- Published: 26 Sep 2012 at 08.15
- Online news:
Temasek Holdings Pte, Singapore’s state-owned investment company, is cutting its stake in Southeast Asia’s biggest phone operator by selling shares worth as much as $1.3 billion.
Temasek is offering 400 million shares in Singapore Telecommunications Ltd. (ST), representing a 2.5 percent stake, at between S$3.20 and S$3.25, according to terms obtained by Bloomberg News. The shares closed trading in Singapore yesterday at S$3.33. Temasek has an option to increase the offering by 100 million shares, according to the term sheet.
Temasek is selling the shares after the investment company in July reported a 16 percent full-year profit decline amid the global economic slowdown. SingTel has risen 7.8 percent this year, lagging behind the 16 percent gain of the Straits Times benchmark index. The phone company last month reported first- quarter profit that missed analyst estimates as currency moves and lower sales at its Australian unit cut earnings.
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