Temasek divests $570 million stake in Bank of China

Despite the volatile market, the block trade is completed at a tight 3.5% discount.

Temasek Holdings has sold part of its shareholding in Bank of China BOC through an aggressively priced block trade, raising HK$4.42 billion $570 million.

The sale, which was arranged by Morgan Stanley, came on the back of a strong day for Hong Kong equities, but still surprised many observers given that the market remains extremely volatile with day-to-day swings in the Hang Seng Index having exceeded 1,000-points no fewer than five times in the past two weeks. And...

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