SINGAPORE, Sept 26 (Reuters) - Singapore state investor Temasek has agreed to sell 400 million shares in Singapore Telecommunications Ltd, according to a stock exchange filing on Wednesday.
“We continue to be a significant shareholder in SingTel, which remains the largest company in our portfolio,” Temasek said in a statement, but did not give further details.
According to a term sheet seen by IFR late on Tuesday, the sale will comprise a base size of 400 million SingTel shares at S$3.20 and S$3.25, which works out to about S$1.3 billion ($1.06 billion). It includes an option to sell another 100 million shares that if exercised will raise the deal size to $1.34 billion.
Assuming all 500 million SingTel shares are sold, Temasek’s stake in Southeast Asia’s largest telco will fall to about 51.3 percent from 54.4 percent. ($1 = 1.2244 Singapore dollars) (Reporting by Charmian Kok; Editing by John Mair)