Goldman sells $2.5 billion of ICBC shares; Temasek main buyer

Temasek buys $2.3 billion of the shares, increasing its stake above 5% of ICBC's H-share capital, while Goldman Sachs reduces its holdings to 4.99%.

Goldman sells $2.5 billion of ICBC shares; Temasek main buyer
Goldman Sachs’s stake in ICBC drops below 5% after a $2.5 billion sell-down (ImagineChina)

A reverse inquiry from Temasek Holdings over the weekend prompted Goldman Sachs to sell close to half its remaining stake in Industrial and Commercial Bank of China ICBC before the opening of Hong Kong trading yesterday. The self-led deal was done at a fixed price and saw the US bank raise about $2.5 billion.

Temasek bought $2.3 billion worth of the shares, and with that type of high-quality anchor order, Goldman had no problems selling...

To continue reading, please login or register for free

Print Edition

FinanceAsia Print Edition

CONFERENCES