Cedar Holdings, an affiliate of Singapore’s state-backed investment group Temasek Holdings, has sold a 6.2% stake in Thai telecoms group Shin Corp for THB8.1 billion (USD254 million). Reuters reports that the deal boosts the percentage of Shin’s shares in free float to 20.4%, complying with the 15% minimum level which had been stipulated by the Thai stock exchange. Around 75% of the shares were sold to Thai investors and the remaining to Thai NVDR Co Ltd. Cedar, which is 49%-owned by Temasek, now holds a 37.99% stake in Shin, the largest shareholder of Thailand’s leading mobile operator by subscribers, Advanced Info Services (AIS). Temasek group companies Cedar and Aspen Holdings together now own 79.6% of Shin. Temasek has no plans to reduce the 41.6% stake which is directly held by wholly-owned unit Aspen. Alongside Shin, the other major shareholder in cellco AIS is Singapore Telecom (SingTel), which itself is 54%-owned by Temasek. According to TeleGeography’s GlobalComms Database, in December 2011 SingTel increased its direct stake in AIS by two percentage points to 23.3% at a cost of THB7.9 billion by purchasing shares from Shin Corp, reducing Shin’s stake in the GSM operator to 40.5%, with the remaining 36.2% in free float. Shin Corp also includes satellite operating firm Thaicom, which has stakes in mobile operators in Laos and Cambodia.
Subscribe to CommsUpdate to get the day’s top telecom headlines delivered to your email.
Browse Past Issues
Filter CommsUpdate by the following categories or use the search.
Visit our help page information on performing advanced searches, including how to restrict the results by country or company.
CommsUpdate is an outstanding advertising venue for companies seeking to reach:
- International carriers
- Wholesale service providers
- Equipment and software vendors
- Telecom investors