Temasek raises stake in ICBC to 10% in vote of confidence

Singapore

TEMASEK Holdings Pte, the biggest foreign investor in Chinese banks, has raised its stake in Industrial & Commercial Bank of China Ltd to 10 per cent of the company's Hong Kong-listed shares after a stock market rout drove the world's largest bank to record-low valuations.

The Singapore investment company spent HK$141 million (S$25.9 million) to buy 30 million ICBC H shares at an average HK$4.696 apiece, according to a Hong Kong stock exchange filing on Wednesday. Temasek raised its stake from 9.97 per cent of ICBC's H shares.