Temasek Holdings has sold $1.27 billion worth of shares in Singapore Telecommunications (SingTel) in a block trade.
The 770 million shares were sold through Goldman Sachs at a 5 per cent discount to the maximum trading price, but the share price dropped 6.4 per cent to close at S$2.66 following the transaction. The shares were offered to investors in a narrow price band of S$2.66 to S$2.68, representing a discount of 4.3 per cent to 5 per cent. Last month the telecom operator beat consensus forecasts by posting a 4 per cent increase in third quarter net profit to S$778 million, which was mainly driven by strong performance by regional affiliates.
