Temasek’s Shin holding reaches 96.3%

15 Mar 2006

Temasek Holdings, the Singapore government’s investment arm, announced yesterday that it has acquired 96.3% of Thailand’s Shin Corp, following its mandatory tender offer for all outstanding Shin Corp shares. According to the Financial Times quoting analysts familiar with the deal, this means that Temasek must either reduce its holding or delist within a year. Thai Prime Minister Thaksin Shinawatra has been struggling to subdue public protests against his leadership ever since his family’s tax-free THB73 billion (USD1.9 billion) sale of its 49.59% stake in Shin Corp to Temasek in January. Shin owns a 42.9% stake in Thailand’s largest mobile operator Advanced Info Systems (AIS), and Temasek controls Singapore Telecommunications (SingTel), which owned 21.4% of AIS before the takeover deal.