Temasek/Shin Corp

Temasek-led entity sells $305 million Shin Corp stake

A 7.9% stake in the Thai telecom holding company that was once controlled by the family of Thaksin Shinawatra changes hands at a 10% discount.
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Photo: AFP</div>
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Cedar Holdings, which is 63%-owned by Temasek Holdings, has reduced its stake in Thailand’s Shin Corp through a Bt9.12 billion $305 million block trade. The deal was the second sell-down in a Bangkok-listed company this week. It was upsized by 50% and priced above the bottom of the indicated range.

The discount versus the latest close worked out at 10%, which reflected the fact that the stock is very illiquid. The free-float before this deal was just 4% and the offering accounted for about 150 days of trading volume.

While such parameters suggest a potentially risky trade, there were two key issues that attracted investors to the...

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