Singapore Technologies: All's well that ends well?

Equity-linked deals from Singapore are rare, prized and almost always highly controversial. Two exchangeables by Singapore Technologies into ST Engineering and Capitaland prove no exception to the rule.

Some hours later than expected, the Singapore government completed a monetization of stakes in ST Engineering and Capitaland on Friday. On full conversion of the S$350 million $203 million and S$451 million $261 million deals, Singapore Technologies will have divested a 4.3% stake in STE, bringing its ownership down to 50.7% and an 8.2% stake in Capitaland, bringing its ownership down to 51.8%.

The Singapore government's intention to offload the stakes has been well flagged for some time and on the surface, completion of the two exchangeables appeared to be a job well done. Both transactions were trading around issue price by the end of Asia's trading day, neither stock had cratered...

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