The stake sale came after Singapore‘s smaller fund Temasek Holdings (TEM.UL) lost an estimated over US$4 billion in Bank of America-Merrill Lynch (BAC.N) and Barclays (BARC.L) in hasty exits around the start of 2009.
Irish telecoms group eircom reaffirmed plans for significant job cuts despite prospects of a capital boost from future majority owner Singapore Technologies Telemedia (STT), eircom’s chief executive said today.
Australia-listed eircom Holdings Ltd (ERC.AX), the current majority owner of indebted eircom, last Monday announced it has accepted a takeover offer from STT, a unit of Singapore state investor Temasek Holdings (TEM.UL).
Temasek (TEM.UL) said that investments it made in rights issues of its portfolio companies, including DBS Group (DBSM.SI) and Standard Chartered (STAN.L), had more than doubled in value up to end-July.
STT, a unit of Singapore state investor Temasek Holdings (TEM.UL), earlier this month made a revised bid for eircom Holdings worth a total of A$230 million ($275 million).
A plan by Singapore’s Temasek Holdings (TEM.UL) to sell its stake in Thailand’s leading telecoms group, Shin Corp (SHIN.BK), will depend on market conditions, an official at the Thai firm said today.
The plan is followed closely by investors as it is likely to increase the volume of Shin shares trading in the market. Some analysts see the stock as a good proxy for Thailand’s telecoms industry but say the low free float is a trading risk.
