Singapore government agency divests ComfortDelgro stake

Singapore Labour Foundation takes advantage of recent share price spurt to offload one third of its stake.
Singapore-listed ComfortDelgroÆs largest shareholder has sold one third of its stake in the company for S$193.44 million $119 million as part of a portfolio diversification exercise.

Citigroup arranged the sale which saw Singapore Labour Foundation SLF offload 124 million shares in the passenger transport company at S$1.56 apiece, or a 6.02% discount to TuesdayÆs February 14 closing price of $1.66.

The shares were originally offered in a range between $1.56 and 1.62 and the low-end pricing is said to reflect the fact that many investors were unwilling to pay too much for a stock primarily viewed as a defensive play, albeit with growth opportunities from its overseas operations.

The sale attracted about 35 investors,...
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