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Temasek seeks SingTel as buyer for $3.1 billion Shin Corp stake: sources
February 17, 2014 / 11:45 PM / 4 years ago

Temasek seeks SingTel as buyer for $3.1 billion Shin Corp stake: sources

SINGAPORE/HONG KONG (Reuters) - Singapore state investor Temasek Holdings Pvt Ltd is seeking to sell its $3.1 billion stake in Thai telecom company Shin Corp (INTUCH.BK), according to people familiar with the matter, and has approached its SingTel (STEL.SI) unit as a possible buyer.

Temasek TEM.UL, which owns 41.6 percent of Shin Corp through a subsidiary, held talks with Singapore Telecommunications Co, as SingTel is formally known, late last year, but those discussions have since stalled, said the people, who declined to be identified as the information is not public.

Temasek owns a majority stake in SingTel.

The ongoing political unrest in Thailand was among the reasons the discussions were put on hold, the people said.

A spokesman for Temasek Holdings declined to comment on the talks, but added in an email, “we are a long term investor in Asia including in ASEAN.”

A Shin Corp official in Bangkok declined to comment. A SingTel spokeswoman also declined comment.

Reporting by Saeed Azhar and Denny Thomas; Additional reporting by Khettiya Jittapong in Bangkok and Rujun Shen in Singapore; Editing by Michael Flaherty and John Mair

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