Temasek Decides to Sell SingTel Shares Worth $1.3 Billion
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Temasek Holdings Pte, Singapore’s state-owned investment company, is selling S$1.28 billion ($1 billion) of shares in Southeast Asia’s biggest phone company, according to two people with knowledge of the deal. The stock slumped the most in more than a year.
Temasek is selling 400 million shares in Singapore Telecommunications Ltd., representing a 2.5 percent stake, at S$3.20 each, according to the people, who asked not to be identified because the information isn’t public. The price, at the lower end of a S$3.20 to S$3.25 range in a term sheet sent to investors, is a 3.9 percent discount from yesterday’s closing price of S$3.33.