Thai Shin Corp down after Temasek unit's stake sale

Thai Shin Corp down after Temasek unit's stake sale

BANGKOK - Shares in Shin Corp fell nearly 4 per cent on Thursday after news an affiliate of Singapore state investor Temasek Holdings was selling part of its stake in the Thai telecoms group.

Cedar Holdings Ltd, 49 per cent owned by Temasek, is offering 330 million shares in Shin in a range of 62.75 baht (S$2.54) to 63.75 baht (S$2.58), a discount of up to 6.3 per cent to Wednesday's close of 67 baht (S$2.71), according to a term sheet seen by Reuters.

At 0301 GMT, Shin Corp shares were down 2.6 per cent at 65.25 baht (S$2.64) after falling 3.7 per cent earlier.

Shin said in a statement that another Temasek affiliate, Aspen Holdings Ltd, had no plans to sell shares in Shin at this point.

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