Temasek sells Shin shares
Singapore-based Temasek Holdings, the major shareholder of Shin Corporation, will unload more shares today to bring Shin's free-float ratio up to 15 per cent, the minimum required by the Stock Exchange of Thailand.
Temasek will sell a 6.2-per-cent stake worth US$261 million (Bt7.8 billion) via its subsidiaries to comply with the SET’s rule for the proportion of a company’s shares that is available for trading in the market.
In a statement to the Stock Exchange of Thailand today, Shin said that the 6.2 per cent stake or about 200 million shares was sold by Cedar Holdings Ltd. Approximately, 75 per cent of the shares are sold to Thai investors and the
remaining is sold to Thai NVDR Co Ltd.
After the transaction, Cedar now holds 1.218 billion shares or about 37.99 per cent of all shares.
Shin also said that Aspen expressed no immediate intention to sell shares in the company.
Somprasong Boonyachai, executive chairman of the Thai company, said yesterday that the move followed the company’s intention to keep the minimum free float to comply with the SET’s rules and regulations.
The company continues to implement its business plan as usual, he said.
A company source said Credit Suite was appointed as the financial adviser for the transaction that would be executed today.
According to the SET’s website, Shin’s free float as of March 4, 2011, was 3.88 per cent.
Temasek subsidiaries Cedar Holdings and Aspen Holdings hold 44.62 per cent and 41.62 per cent respectively of Shin shares, which trade under the INTUCH symbol.
Shin’s stock closed up 0.58 per cent to Bt43.50.
