Temasek divests SMRT stake

Government agency takes advantage of record high share price.

Singapore government investment arm Temasek Holdings divested a 7.3% stake in SMRT Corporation yesterday August 2, raising $122.1 million $73.6 million from the JPMorgan led deal. A total of 110 million secondary shares were sold at S$1.11, which represented a 4.3% discount to the stock's spot close.

As a result of the deal, Temasek's ownership will drop from 62.1% to 54.8%, while the freefloat will expand to 45.2%. The deal equated to a fairly...

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