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Temasek sells entire stake in bank
By Luo Jun |
March 11, 2009, Wednesday
|
Print Edition
Print Edition
TEMASEK Holdings Pte, Singapore's US$85-billion state-owned investment company, has sold its entire stake in China Minsheng Banking Corp, two people familiar with the matter said.
Temasek began paring its holding in the second quarter of last year after the banking regulator said it could only own stakes in two Chinese lenders, said the people, who spoke on condition of anonymity because the matter is private. Temasek also has stakes in China Construction Bank Corp and the Bank of China Ltd.
Foreign financial firms, including Bank of America Corp, have sold stakes in Chinese lenders to repair balance sheets hobbled by losses and writedowns. Temasek had 31 percent wiped from the value of its global portfolio in the eight months through November as slumping markets eroded the value of stakes in companies, including Barclays Plc.
"The exit of Temasek won't have any immediate impact on Minsheng's operations as Temasek isn't very hands-on," said Liu Yinghua, a Shenzhen-based analyst at Ping An Securities Ltd.
Minsheng's spokesman Li Limin said Temasek is no longer among the bank's 10 largest shareholders, declining to comment further. Temasek could not be reached.
Temasek bought 472 million shares, or a 4.55 percent stake, in Minsheng in October 2004 for about US$110 million. The holding was diluted to 3.26 percent last year after Minsheng raised 18.2 billion yuan (US$2.7 billion) selling additional shares, making Temasek the 10th-largest shareholder, exchange filings show.
Since Temasek began trimming its Minsheng stake in last year's second quarter, the share price has averaged 5.59 yuan, according to data compiled by Bloomberg News.
Minsheng, the nation's first privately-owned bank, is in talks to sell stakes to other foreign investors, including companies in the United States and Europe, Chairman Dong Wenbiao said last week.
Temasek began paring its holding in the second quarter of last year after the banking regulator said it could only own stakes in two Chinese lenders, said the people, who spoke on condition of anonymity because the matter is private. Temasek also has stakes in China Construction Bank Corp and the Bank of China Ltd.
Foreign financial firms, including Bank of America Corp, have sold stakes in Chinese lenders to repair balance sheets hobbled by losses and writedowns. Temasek had 31 percent wiped from the value of its global portfolio in the eight months through November as slumping markets eroded the value of stakes in companies, including Barclays Plc.
"The exit of Temasek won't have any immediate impact on Minsheng's operations as Temasek isn't very hands-on," said Liu Yinghua, a Shenzhen-based analyst at Ping An Securities Ltd.
Minsheng's spokesman Li Limin said Temasek is no longer among the bank's 10 largest shareholders, declining to comment further. Temasek could not be reached.
Temasek bought 472 million shares, or a 4.55 percent stake, in Minsheng in October 2004 for about US$110 million. The holding was diluted to 3.26 percent last year after Minsheng raised 18.2 billion yuan (US$2.7 billion) selling additional shares, making Temasek the 10th-largest shareholder, exchange filings show.
Since Temasek began trimming its Minsheng stake in last year's second quarter, the share price has averaged 5.59 yuan, according to data compiled by Bloomberg News.
Minsheng, the nation's first privately-owned bank, is in talks to sell stakes to other foreign investors, including companies in the United States and Europe, Chairman Dong Wenbiao said last week.
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