Temasek sells stake in Thai telco Intouch for $702m

BANGKOK • Units of Singapore's investment company Temasek - Aspen Holdings and Anderton Investments - launched an overnight block trade on Wednesday for 15.6 billion baht (S$702 million) or 8.02 per cent of its stake in Thai telecommunications company Intouch Holdings, Reuters reported, quoting a term sheet.

Intouch owns stakes in Thailand's largest mobile phone network Advanced Info Service (AIS) and satellite operator Thaicom.

The deal, South-east Asia's largest block trade in the year to date, sent Intouch shares down nearly 6 per cent yesterday in Bangkok trading.

The telco's shares, however, gained 27 per cent in the year to date against a benchmark rise of 3.55 per cent. Its stock was priced at 60.75 baht yesterday at a pre-close of 64.5 baht.

Credit Suisse was one of the book-runners, Reuters said.

Former Thai prime minister Thaksin Shinawatra sold InTouch - then named Shin Corp - to Temasek in 2006, sparking public criticism.

Singtel currently owns 21 per cent of InTouch.

According to TeleGeography, a telecommunications market research and consulting firm, InTouch owns 40.45 per cent of AIS, while Singtel has a 23.32 per cent stake.

Temasek has a 41.45 per cent direct stake in InTouch via its wholly owned Thai-registered unit Aspen Holdings.

Temasek also directly owns a controlling stake in Singtel.

A version of this article appeared in the print edition of The Straits Times on August 16, 2019, with the headline 'Temasek sells stake in Thai telco Intouch for $702m'. Print Edition | Subscribe