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Wednesday, 23 October 2013

Temasek sells KReit stake for $125m

Placement works out to 3.74% of KReit that Temasek received as dividend


BT 20131023 LLKREIT 806170
MBFC: KReit's key properties in Singapore include the Ocean Financial Centre, Marina Bay Financial Centre (above) and One Raffles Quay. - FILE PHOTO

TEMASEK Holdings has sold its entire direct stake in office landlord Keppel Reit (KReit) in a share placement that started on Monday evening, sources close to the deal said yesterday.

The deal involved 103,994,321 shares offered at a price range of between $1.195 and $1.21 per share, the sources said. This represents a 1.6-1.8 per cent discount to the trust's last closing price of $1.23 on Oct 21. The placement offer amounted to an estimated $125 million.

By the market close on Tuesday, some 163 million shares worth $194.4 million had changed hands, market data from the Singapore Exchange showed.

Temasek's share sale works out to 3.74 per cent of KReit, representing the stake it had received from the dividend in specie distributed by Keppel Corp to its shareholders during its FY2012 final results announced on Jan 24, 2013.


1 comment:

  1. it's portfolio re-balancing. l am doing it. Same for everyone else.

    ReplyDelete

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