Singapore’s Temasek sells stake in Thai telecom firm Intouch for $506m

FILE PHOTO - A Temasek logo is seen at the annual Temasek Review in Singapore July 7, 2016. REUTERS/Edgar Su

Units of Singapore’s sovereign fund Temasek – Aspen Holdings and Anderton Investments – launched an overnight block trade on Wednesday for 15.6 billion baht ($505.67 million) or 8.02% of its stakes in Thai telco company Intouch Holdings Pcl, according to a term sheet.

Intouch owns stakes in Thailand’s largest mobile phone network Advanced Info Service Pcl (AIS) and satellite operator Thaicom Pcl.

The deal, Southeast Asia’s largest block trade in 2019, sent Intouch shares down nearly 6% on Thursday in Bangkok trading.

Intouch shares, however, gained 27% year-to-date against a benchmark rise of 3.55%; stock was priced at 60.75 baht on Thursday at a pre-close of 64.5 baht.

Intouch did not immediately respond to a Reuters request for comment.

Former Prime Minister Thaksin Shinawatra sold InTouch, then known as Shin Corp, to Temasek in 2006, setting off public criticism that led to his ousting in a coup.

Singapore Telecommunications Ltd currently owns 21% of InTouch.

Credit Suisse was one of the book-runners.

Reuters 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.