Temasek divests $1.27 billion of Singtel stock

Share price drops below transaction price.

Temasek Holdings has sold $1.27 billion worth of shares in Singapore Telecommunications in a block trade that received a cordial, although somewhat muted reception by the market.

The 770 million shares were sold via Goldman Sachs at a 5% discount to the most recent close, but the share price dropped 6.4% to a close of S$2.66 yesterday following the transaction.

The shares were offered to investors in a narrow price range of S$2.66 to S$2.68, representing a discount of 4.3%...

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