Temasek vows to cut down stake - The Nation

The Nation
17 October 2006

Company issues statement that avoids nominee role; Korn calls it 'ambiguous'

Temasek Holdings of Singapore yesterday broke its silence over its controversial holdings in Shin Corp, saying it was willing to reduce its shareholding "at the appropriate time and in an appropriate manner" to ensure an orderly market.

In a statement, Temasek's senior managing director Jimmy Phoon said the share reduction plan was part of his company's original intention, to maintain Shin Corp's listing status on the Thai stock market following Temasek's public tender offer in March.

He did not address the controversial question of whether Tema-sek relied on nominees to circumvent Thai foreign ownership laws in its Bt140-billion acquisition of Shin Corp, formerly controlled by the Shinawatra and Damapong families. (Read more...)