Wednesday, August 17, 2011

Another Shin Corp debacle

Ho Ching, an expert on buy high sell low
Reuters reports.

A unit of Singapore state investor Temasek is selling an almost 8 percent stake in Thai telecoms firm Shin Corp for as much as $316 million, in an attempt to increase the free float of the company, IFR Asia reported.

Cedar Holdings, majority owned by Temasek, is selling 253.5 million shares of Shin Corp at between 35.5 and 37.25 Thai baht each, in a deal that could raise 9.44 billion Thai baht ($316 million), IFR reported.

The price range reflects a discount of 6.9-11.3 percent to Shin Corp's closing share price of 40 baht on Wednesday.

It is a significant discount from the 49.25 baht a share that Temasek-linked units paid in 2006 to purchase a controlling stake in Shin Corp from the family of Thailand's former prime minister, Thaksin Shinawatra.

1 comment:

Anonymous said...

ha ha thaksin buying back his own shares from tamasek and happy for the profit gifted by the people of sillipore :)
Veritas maybe can cosnider a hall of fame of dud tamasek and gic deals table, updates will come fast and furious, just like 2008, there is strong mkt rumour a swiss bank is abt to implode, maybe next year or two will tell us if we need to write off the xx billion invested in a certain swiss bank, just maybe la!