SINGAPORE, Oct 22 — Temasek Holdings Pte, Singapore’s state-owned investment company, sold a stake in office landlord Keppel REIT, according to two people familiar with the transaction.
Temasek sold about 103.9 million shares at an average price of S$1.195 (RM3.06) each, or a total of about S$124 million, according to one of the people, who asked not to be identified because the information is private.
Stephen Forshaw, a spokesman for Temasek in Singapore, didn’t immediately respond to Bloomberg News queries on the sale. Keppel Corp, the parent of the Singapore REIT, said in an e-mail it cannot immediately comment.
Keppel Corp in July announced an additional dividend in the form of Keppel REIT units to its shareholders after completing a similar distribution in May. The parent gave eight Keppel REIT units for every 100 shares of its own stock held.
Temasek holds a 21 per cent stake in Keppel Corp, while it held 3.74 per cent of the REIT, according to data compiled by Bloomberg.
Keppel REIT shares, which have declined 8.5 per cent this year, fell as much as 4.1 per cent to S$1.18 and traded at S$1.190 as of 12:59pm in Singapore trading.
Temasek in July said assets rose to a record S$215 billion in the fiscal year ended March 31 as surging stock markets drove an almost sixfold increase in returns. Total shareholder return, which includes dividends, widened to 8.9 per cent from 1.5 per cent in the previous year. — Bloomberg
