Temasek 'looking to sell $12b stake in StanChart'
Temasek Holdings has been looking to sell its 6 billion pounds (S$12 billion) Standard Chartered Bank stake, according to a Financial Times (FT) report on Tuesday. The newspaper said the Singapore investment firm has sounded out potential buyers, citing people close to the situation.
The FT reported that Temasek might be keen to take advantage of StanChart's relative strength and lower its exposure to the financial services sector, given the economic uncertainty.
A Temasek spokesman said on Tuesday: "We don't comment on market rumours and speculation." Likewise, a StanChart spokesman said: "We do not comment on market rumours."
Temasek is StanChart's single largest shareholder with 18 per cent after it acquired the Khoo family's 11.5 per cent stake for an undisclosed sum in 2006.