Singapore Media Watch

Wednesday, October 18, 2006

Temasek may lose heavily on sale - The Nation

18 October 2006

Loss of Bt20 bn predicted, if buyer can be found

Brokerage analysts said Temasek, which controls about 96 per cent of Shin Corp, might have to sell up to 47 per cent of the company, or 1.5 billion shares, to resolve the foreign ownership dispute.

Thai law restricts foreign interests in Thai firms to below 50 per cent, so Temasek must reduce its holding by 47 per cent to meet the 49 per cent limit.

The 47 per cent stake in Shin Corp is now worth a market price of Bt52.32 billion, compared with Bt74.14 billion in January this year - a loss for Temasek of more than Bt20 billion. (Read more...)

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