Temasek raises $480m from SingTel

Temasek raises $480m from SingTel

SINGAPORE: State investment firm Temasek Holdings said on Friday that it raised S$800 million (US$480 million) from the sale of a tiny fraction of its shares in Singapore Telecommunications (SingTel).

About 339 million shares were placed out on Thursday with institutional investors at S$2.36 per share, a Temasek statement said.

The sale was implemented after SingTel, Southeast Asia's largest telecom group, announced a 62 percent annual rise in net profit to S$766 million in its second quarter ending September as overseas units boosted earnings.

The shares sold by Temasek represented about two percent of SingTel's outstanding shares. After the placement, Temasek still controls 62.7 percent of SingTel, part of a global portfolio worth about S$90 billion. -- AFP