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DBS Group Holdings sold 900,000 shares of StarHub, Singapore's second-largest telco after SingTel, for about S$2.45 million on Nov 13, according to a filing with the Singapore Exchange.
The aggregate proceeds suggest an average unit price of S$2.73, a 4 per cent discount to StarHub's S$2.84 closing price on Nov 13. StarHub shares were trading at S$2.85 as at Tuesday's mid-day break.
As a result of the sale, Singapore government investment firm Temasek Holdings' deemed interest in StarHub was reduced to 55.97 per cent, from 56.02 per cent. DBS, Singapore's largest local bank by market value, is an associate company of Temasek.
Temasek noted that DBS is an independently managed company, and that it became aware of the stock sale only when informed by DBS. Temasek, which does not own any StarHub stock directly, is also deemed to be interested in shares of StarHub held by Singapore Technologies Telemedia.
The sale took place a few days before StarHub said chief executive officer Tan Tong Hai would leave his post from May next year to pursue his own interest. No replacement has been named, and the telecommunications firm will embark on "a global executive search" for his successor.
Mr Tan, 54, joined StarHub in 1999. He worked with Pacific Internet and Singapore Computer Systems before returning to become StarHub Chief Operating Officer in January 2009. He was was promoted as CEO and Executive Director of StarHub in 2013, replacing Neil Montefiore.