HONG KONG, Jan 9 (Reuters) - An affiliate of Singapore state investor Temasek Holdings launched late on Wednesday a sale of shares worth up to $691 million in Thailand’s Shin Corp Pcl, according to a term sheet for the deal seen by Reuters, as it looks to benefit from a rally in the stock in the past year.
Cedar Holdings Ltd, 49 percent owned by Temasek, is offering 330 million shares of telecommunications group Shin in a range of 62.75 baht to 63.75 baht, equivalent to a discount of up to 6.3 percent to Wednesday’s close of 67 baht, according to the terms.
At the top of the indicative range, the deal would be worth 21.04 billion baht ($691 million). The 10 percent stake sale would cut Cedar’s ownership from its current 23.6 percent and boost Shin’s free float to 45 percent, according to the term sheet.
Bangkok’s benchmark SET index is the best-performing major index in Asia Pacific the past year, up about 36 percent. Shin’s shares have soared 60 percent over the same period. ($1=30.4400 Thai baht) (Reporting by Saeed Azhar and Daniel Stanton of IFR; Writing by Elzio Barreto; Editing by Greg Mahlich)