A unit of Singapore state-investment firm Temasek, Cedar Holdings, is selling about 200 million shares in Thailand-based telecom conglomerate Shin Corp, according to IFR.
The sale of this 6.2% stake is expected to raise approximately US$261m. Credit …
A unit of Singapore state-investment firm Temasek, Cedar Holdings, is selling about 200 million shares in Thailand-based telecom conglomerate Shin Corp, according to IFR.
The sale of this 6.2% stake is expected to raise approximately US$261m. Credit Suisse is reportedly the sole bookrunner on this transaction while Siam Commercial Bank is acting as co-manager.
In August, Cedar Holdings had already sold 253.5 million shares, which allowed it to raise about Bt9.1bn (US$305m).
A few months later, in mid-December, Shin executive chairman Somprasong Boonyachai was quoted telling reporters that the Temasek unit was considering divesting more shares.
Cedar is currently Shin’s largest shareholder with a 46.44% stake. Overall, Temasek controls about 88% of Shin through Cedar and Aspen Holdings.
The sales of shares in Shin Corp are reportedly aimed at bringing the free float closer to the legal requirement of 15%, after the Pheu Thai Party, led by Yingluck Shinawatra, won the general election in July this year.
Temasek bought Shin Corporation in January 2006 from Thaksin Shinawatra, the ex-Prime Minister and brother of Yingluck, who was overthrown in a military coup.
It is believed that the transaction precipitated his departure after he was accused of selling a company of national importance to a foreign firm.
