Singapore's GIC raised M$482 million $144.7 million after divesting its remaining 8.7% stake in Malaysian construction and property group Sunway Berhad on Tuesday. The Singapore government-controlled group offloaded 150.66 million shares after placing out both a 125 million share base deal and a 25.66 million share upsize option.
Under the lead of CIMB and JP Morgan, the accelerated block trade was priced at M$3.20, according to a termsheet seen by FinanceAsia. This represented the bottom end of a M$3.20 to M$3.30 range and equated to a 4.5% discount to the stock's M$3.35 close and a 6.7% discount to its volume weighted average price.
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