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Temasek sells Shin Corp stake for $687 million

A unit of Singaporean state investor Temasek Holdings has reportedly raised $687 million from the sale of its 10.3% stake in Thai telco Shin Corp.

IFR reported that Cedar Holdings sold 330 million Shin Corp shares at 63.25 baht each, raisng 20.87 billion baht.

 

As a result of the deal Cedar’s stake in Shin Corp will fall from 23.6% to 13.3%.

Credit Suisse and Morgan Stanley acted as joint bookrunners for the sale, according to IFR.