Cedar Holdings, an affiliate of Singapore’s state-backed investment group Temasek Holdings, has sold a 6.2% stake in Thai telecoms group Shin Corp for THB8.1 billion (USD254 million). Reuters reports that the deal boosts the percentage of Shin’s shares in free float to 20.4%, complying with the 15% minimum level which had been stipulated by the Thai stock exchange. Around 75% of the shares were sold to Thai investors and the remaining to Thai NVDR Co Ltd. Cedar, which is 49%-owned by Temasek, now holds a 37.99% stake in Shin, the largest shareholder of Thailand’s leading mobile operator by subscribers, Advanced Info Services (AIS). Temasek group companies Cedar and Aspen Holdings together now own 79.6% of Shin. Temasek has no plans to reduce the 41.6% stake which is directly held by wholly-owned unit Aspen. Alongside Shin, the other major shareholder in cellco AIS is Singapore Telecom (SingTel), which itself is 54%-owned by Temasek. According to TeleGeography’s GlobalComms Database, in December 2011 SingTel increased its direct stake in AIS by two percentage points to 23.3% at a cost of THB7.9 billion by purchasing shares from Shin Corp, reducing Shin’s stake in the GSM operator to 40.5%, with the remaining 36.2% in free float. Shin Corp also includes satellite operating firm Thaicom, which has stakes in mobile operators in Laos and Cambodia.