Singapore’s Temasek Increases Its Stake in Chinese Lender ICBC
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Temasek Holdings Pte, Singapore’s state-owned investment company, raised its stake in Industrial & Commercial Bank of China Ltd., adding to its interests in state-controlled lenders of the world’s second-largest economy.
Temasek bought 126 million shares at an average price of HK$4.602 each, or a total of about HK$580 million ($75 million), according to a Hong Kong stock exchange statement yesterday. That raised Temasek’s holdings in the Hong Kong shares of ICBC to 8.07 percent from 7.92 percent. Stephen Forshaw, a spokesman for Temasek in Singapore, confirmed the transaction by telephone.