Temasek divests Keppel stake

The Singapore government agency continues its divestment program through an exchangeable bond into Keppel shares.

JPMorgan successfully completed a S$792 million $471 million exchangeable bond for Temasek on Tuesday night. The bond is exchangeable into shares of Keppel Corporation and represents 10% of Keppel's outstanding shares. Once the bonds have been exchanged, Temasek's stake in Keppel will fall from 32% to 22%.

The deal was a bought deal and was launched at 10pm Singapore time on Tuesday night and was fully sold by 11pm, according to bankers who worked on the transaction. 70% of the deal went to European accounts, 21% went to offshore US accounts and 9% went to Asian accounts. The bankers say that most of the bonds were sold to dedicated convertible buyers, although...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222