Singapore government divests Sunway stake

GIC offers investors attractive discount after short sellers push stock below its daily volume weighted average price shortly before the close.

Singapore's GIC raised M$482 million $144.7 million after divesting its remaining 8.7% stake in Malaysian construction and property group Sunway Berhad on Tuesday. The Singapore government-controlled group offloaded 150.66 million shares after placing out both a 125 million share base deal and a 25.66 million share upsize option.

Under the lead of CIMB and JP Morgan, the accelerated block trade was priced at M$3.20, according to a termsheet seen by FinanceAsia. This represented the bottom end of a M$3.20 to M$3.30 range and equated to a 4.5% discount to the stock's M$3.35 close and a 6.7% discount to its volume weighted average price.

...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222