Temasek starts to sell SingTel

Singapore government investment arm gets 2004 divestment programme off to a positive start.

Temasek Holdings sold an S$2.01 billion $1.187 billion stake in Singapore Telecommunications after New York's close Tuesday. The deal comprised an S$764 million $450.5 million placement and an S$1.25 billion $736.6 million exchangeable, with an S$203.8 million $120 million greenshoe.

On full exercise of the shoe, the government will see its stake in the telecommunications carrier drop 5.61% from 67.1% to 61.49%. As a result of the placement, which represented a 2.12% stake, SingTel will see its...

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