Satya sells part of Singapore Petroleum stake through the market

Placement upsized to $248 million after solid demand, but priced at wide end of discount range.
May 09, 2006
One of Singapore PetroleumÆs largest investors has sold more than half its stake in the company through a $248 million block trade that was upsized due to solid demand.

Given the relative rarity of large follow-on share sales in this market, investors were said to have embraced the chance to buy shares in a Singapore bluechip in bulk. The transaction, which was arranged by Merrill Lynch, accounted for about 40 days worth of trading volume.

The seller was Indonesian investment firm Satya Capital which bought 115 million shares in the Singaporean refiner two years ago. It has wanted to monetise part of that investment, which currently equals 22% of the company, for some time.

The...
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