Cedar Holdings, a subsidiary of Temasek Holdings, has sold its 7.9% stake in Thai telecommunication company Shin Corporation, The Wall Street Journal reports. The firm, which is 49% owned by Temasek, obtained a total of $305 million from a consortium of investors for the stake.
Cedar sold 253.5 million shares at $1.20 per unit. The transaction was managed by Morgan Stanley. Following the deal, Cedar will hold about 46% of Shin and the remaining 42% will be held by Aspen Holdings, a wholly owned unit of Temasek.
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