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

The base...

¬ 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 [email protected], 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 [email protected], or +(852) 2122 5222