Some hours later than expected, the Singapore government completed a monetization of stakes in ST Engineering and Capitaland on Friday. On full conversion of the S$350 million $203 million and S$451 million $261 million deals, Singapore Technologies will have divested a 4.3% stake in STE, bringing its ownership down to 50.7% and an 8.2% stake in Capitaland, bringing its ownership down to 51.8%.
The Singapore government's intention to offload the stakes has been well flagged for some time and on the surface, completion of the two exchangeables appeared to be a job well done. Both transactions were trading around issue price by the end of Asia's trading day, neither stock had cratered...
