A unit of Singapore state-investor Temasek Holdings is looking to reduce its stake in Thai telco Shin Corp by a further 10.3%, according to IFR.
Cedar Holdings will raise 20.87bn baht (US$687m) by selling 330 million shares in Shin Corp at 63.25 baht…
A unit of Singapore state-investor Temasek Holdings is looking to reduce its stake in Thai telco Shin Corp by a further 10.3%, according to IFR.
Cedar Holdings will raise 20.87bn baht (US$687m) by selling 330 million shares in Shin Corp at 63.25 baht each, reducing its stake in the telco from 23.6% to 13.3%.
Credit Suisse and Morgan Stanley are acting as joint bookrunners, said IFR.
As TelecomFinance previously reported, Cedar Holdings divested 200 million shares in the Thai company in January 2012 and sold 253.5 million shares before that in August 2011.
The ongoing divestment of shares in Shin Corp was reportedly aimed at bringing the free float down to the legal requirement of 15%, after the Pheu Thai Party, led by Yingluck Shinawatra, won the last general election.
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.
