State investor Temasek lowers SingTel stake

Singapore’s state investment fund Temasek Holdings has sold $1.05 billion worth of shares in SingTel, lowering its stake in the carrier from approximately 54.48% to 51.97%

Temasek made the sale to rebalance its portfolio but the carrier remains the single largest company in its portfolio.

SingTel’s shareprice dropped to a three month low today in reaction to the 400 million share sale.

The shares were sold at S$3.20, representing a discount of 3.9% compared to SingTel’s closing price on Tuesday.