Singapore government investment arm Temasek Holdings divested a 7.3% stake in SMRT Corporation yesterday August 2, raising $122.1 million $73.6 million from the JPMorgan led deal. A total of 110 million secondary shares were sold at S$1.11, which represented a 4.3% discount to the stock's spot close.
As a result of the deal, Temasek's ownership will drop from 62.1% to 54.8%, while the freefloat will expand to 45.2%. The deal equated to a fairly weighty 66 days trading. Indeed, aside from wanting to cash out at a high share price, one of Temasek's main rationales for the deal was to boost liquidity in the stock.
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