A unit of Singapore state-investment firm Temasek is expected to sell more of its shares in Thailand-based telecom conglomerate Shin Corp, Shin executive chairman Somprasong Boonyachai was quoted telling reporters.
In August, Temasek subsidiary Cedar…
A unit of Singapore state-investment firm Temasek is expected to sell more of its shares in Thailand-based telecom conglomerate Shin Corp, Shin executive chairman Somprasong Boonyachai was quoted telling reporters.
In August, Temasek subsidiary Cedar Holdings already sold 253.5 million shares for a reported Bt36 (US$1.20) each, allowing it to raise about Bt9.1bn (US$305m). Morgan Stanley reportedly handled the transaction.
Cedar remains, however, 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.
