Temasek divests $1.27 billion of Singtel stock

Share price drops below transaction price.
Temasek Holdings has sold $1.27 billion worth of shares in Singapore Telecommunications in a block trade that received a cordial, although somewhat muted reception by the market.

The 770 million shares were sold via Goldman Sachs at a 5% discount to the most recent close, but the share price dropped 6.4% to a close of S$2.66 yesterday following the transaction.

The shares were offered to investors in a narrow price range of S$2.66 to S$2.68, representing a discount of 4.3% to 5% to MondayÆs close. They were priced at the low end of the price range early Tuesday morning March 21 with enough orders in the book to cover the transaction, according to fund managers....
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