Temasek trims exposure to Sembcorp Marine

Temasek has raised S$327.6 million $261 million from the sale of its entire direct stake in Singapore-based rig and shipbuilder Sembcorp Marine as it continues to reshuffle its extensive portfolio.

The deal was done after the close of trading Monday and came at a discount of just 2.8%, which looked tight for the size of the deal it accounted for just 3.2% of the company but 12 days of trading volume. Indeed, there was speculation yesterday that the bookrunner may not have been able to place the entire block. Such talk was further fuelled by a 6.3% drop in the share price yesterday and by the fact that there was...