Temasek unit to raise $845m in Shin Corp share sale

BANGKOK (REUTERS) - A unit of Singapore investment firm Temasek Holdings will raise US$687 million (S$845 million) through the sale of its 10.3 per cent stake in Thai telecommunications firm Shin Corp.

Cedar Holdings will sell 330 million Shin Corp shares at 63.25 baht (S$2.56) each, which would raise 20.87 billion baht, IFR reported.

Its term sheet, seen by Reuters, had an indicative price of 62.75 baht to 63.75 baht per share.

Cedar's stake in Shin Corp will fall to 13.3 per cent from 23.6 per cent as a result of the sale.

Credit Suisse and Morgan Stanley were joint bookrunners, IFR said.

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