Temasek reduces share in SMRT

Temasek reduces share in SMRT

SINGAPORE: State-linked investment company Temasek Holdings said on Wednesday it had reduced its shareholdings in Singapore's leading transport operator SMRT Corp. Ltd. from 62.1 to 54.8 percent.

Temasek raised S$122 million (US$73 million) from the placement late on Tuesday of 110 million ordinary shares of SMRT to institutional investors at S$1.11 each, lower than the closing price of S$1.16.

"This placement will improve the liquidity of SMRT stock and widen the stocks investor base, benefiting all SMRT investors," a Temasek press statement said.

SMRT operates train, bus and taxi services, and is currently expanding the city-state's rail network.

SMRT shares opened lower on Wednesday after the discounted share placement.-- AFP