Singapore Petroleum's second largest shareholder sells stake

The share sale by Satya Capital comes after the stock rallies 14% in the past month.

The second largest shareholder of Singapore Petroleum exited the company through a $152 million placement arranged by Merrill Lynch last night.

Satya Capital, which had been a long-term shareholder in the Singapore refining company, chose to sell out after a 14% gain in the share price over the past month which had brought the stock to 52-week high territory. Yesterday it closed unchanged at S$5.35, which was only 5 Singapore cents away from the high of S$5.40 on May 22....

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