June 28 (Bloomberg) -- 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.
Temasek bought 3.55 billion ICBC shares from Goldman Sachs Group Inc. in April last year and then disclosed the purchase of a further 83.7 million shares in the Chinese lender the following month. It bought 280 million shares of the bank for HK$5.50 each last month, according to a May 21 filing.
Temasek has accumulated more than $17 billion of holdings in Beijing-based ICBC, China Construction Bank Corp. and Bank of China Ltd. over the past two years, according to data compiled by Bloomberg. Global firms including Goldman Sachs and Bank of America Corp. have divested holdings as new capital rules known as Basel III make it more expensive to hold minority stakes in banks.
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