temasek-sells-entire-stake-in-greentown

Temasek sells entire stake in Greentown

The first Hong Kong placement since the recent correction requires a 7.5% discount despite its modest size.
Singapore investment company Temasek Holdings has sold its entire 5.4% stake in Mainland property developer Greentown China Holdings through a block trade that allowed it to pocket HK$1.33 billion $171 million before expenses.

The Credit Suisse-led deal is interesting not only because it is the first placement in a Hong Kong-listed company since the equity market started recovering from the subprime-related correction, but also because it comes less than four months after Temasek bought shares in Greentown at a higher price.

The reason why the Singapore government-owned entity is selling so soon after that purchase was not disclosed to investors, and with no seat on the board, it was certainly free to exit at...
¬ Haymarket Media Limited. All rights reserved.

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