Temasek confirms sale of Huaneng Renewables

Choice of targeted club deal reflects jittery market environment, and bankers say they expect more such deals as sellers seek alternative ways to achieve better pricing.

Temasek Holdings confirmed in a disclosure filing yesterday that it sold its entire stake in Hong Kong-listed wind power producer Huaneng Renewables last week, raising a total of HK$435.5 million $56 million.

The shares were crossed on the Hong Kong stock exchange in the morning of July 17, but there was little information about the sale, which was done through a club deal. The number of shares that changed hands indicated that the...

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