Thailand ECM

Temasek nets $506m from Intouch stake sale

Singapore’s sovereign wealth fund cuts its stake in the holding company of Thailand’s largest carrier, potentially bringing an end to the saga surrounding the controversial investment.

Temasek took advantage of a brief improvement in market sentiment to sell nearly half of its equity stake in Thailand’s Intouch Holdings, raising Bt15.6 billion $506 million through a secondary block sale of shares after the market close on Wednesday.

It was Thailand’s largest block trade in more than four years.

Showcasing its nimbleness, Singapore’s sovereign wealth fund took advantage of the narrowest of windows, and arguably the best in recent weeks, to execute the deal on the back of a global stock market rally on Wednesday.

Global investors momentarily turned bullish after the US said it would delay the introduction of 10%...

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