Temasek divests SMRT stake

Government agency takes advantage of record high share price.

Singapore government investment arm Temasek Holdings divested a 7 3% stake in SMRT Corporation yesterday (August 2), raising $122 1 million ($73 6 million) from the JPMorgan led deal A total of 110 million secondary shares were sold at S$1 11, which represented a 4 3% discount to the stock's spot close

As a result of the deal, Temasek's ownership will drop from 62 1% to 54 8%, while the freefloat will expand to 45 2% The deal equated to a fairly weighty 66 days trading Indeed, aside from wanting to cash out at a high share price, one of Temasek's main rationales for the deal was to boost liquidity in the stock

Fund managers...

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