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Temasek Increases Stake in China Construction Bank to 9.42%

Temasek Holdings Pte. bought 3.77 billion shares of China Construction Bank Corp. on Nov. 11, increasing its stake in the second-largest Chinese lender by market capitalization.

Temasek’s stake in the bank rose to 9.42 percent from 7.86 percent before the transaction, in which Singapore’s state-owned investment company paid as much as HK$4.93 per share, according to a disclosure filing to the Hong Kong stock exchange today that didn’t give the total or per-share price.

Bank of America Corp., the second-biggest U.S. lender by assets, said last week it planned to bolster capital by selling 10.4 billion shares of Construction Bank this month in private transactions for a profit of about $1.8 billion, leaving it with a 1 percent stake.

China Investment Corp., the country’s sovereign wealth fund, bought $1.75 billion of shares in Construction Bank on Nov. 14, according to an exchange filing. CIC bought 2.76 billion shares at an average price of $0.634 off the exchange, raising its stake to 60.46 percent from 59.31 percent.

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