Temasek confirms $2.8 billion CCB investment

Temasek Holdings confirmed in a filing with the Hong Kong stock exchange on Monday that it bought part of Bank of America Merrill Lynch’s stake in China Construction Bank, sold through a private transaction a week ago.

The Singapore investment company said it bought 4.4 billion of the H-shares, or about one-third of the 13.1 billion shares that BoA Merrill sold, at a price of HK$4.94 apiece. This means it spent about $2.8 billion. The acquisition increased its share of the Chinese lender’s H-share capital to 8.1% from 6.27%.

Temasek’s involvement in the $8.3 billion sell-down was reported by some international media the day after...