Temasek to sell USD3.1bn In Touch (Shin Corp) stake; SingTel linked with possible deal

18 Feb 2014

Singapore state investment vehicle Temasek Holdings is said to be looking to divest its 41.6% stake in Thai conglomerate InTouch (formerly known as Shin Corp) for around USD3.1 billion, and has approached SingTel as a possible buyer. According to Reuters, which cites people familiar with the matter, representatives of Temasek and SingTel held talks in late-2013, but discussions subsequently stalled as a result of the uncertain political climate in Thailand.

According to TeleGeography’s GlobalComms Database, InTouch is the parent company of Thailand’s leading cellco by subscribers, Advanced Info Service (AIS). Meanwhile, Temasek has a 41.6% direct stake in InTouch via its wholly-owned Thai-registered unit Aspen Holdings; Temasek also directly owns 52.0% of SingTel as of October 2013. Last month it was reported by TeleGeography’s CommsUpdate that Temasek had reduced its stake in InTouch via the sale of a 10.3% stake by Temasek’s 49%-owned affiliate Cedar Holdings for around USD687 million.

Thailand, Advanced Info Service (AIS), InTouch (formerly Shin Corporation), Singtel Group