SingTel shares dip after Temasek share sale

21 Mar 2006

Singapore state investment firm Temasek Holdings has sold a 4.7% stake in Singapore Telecommunications (SingTel) for SGD2 billion (USD1.24 billion), reducing its holding in Asia’s fifth largest telecoms group to 56.3%, from 61%. Following the deal, which was completed overnight at a 5% discount on Monday’s closing price of SGD2.80, SingTel’s shares dropped 5.7%, the largest single-day fall in almost two years. The placement to local and institutional investors was carried out by Goldman Sachs (Singapore).

Singapore, Singtel Group