Temasek sells stakes in Thai telco Intouch, the former Shin Corp, for US$506m

[BANGKOK] Units of Singapore's sovereign fund Temasek - Aspen Holdings and Anderton Investments - launched an overnight block trade on Wednesday for 15.6 billion baht (S$700.6 million) or 8.02 per cent 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, South-east Asia's largest block trade in 2019, sent Intouch shares down nearly 6 per cent on Thursday in Bangkok trading.

Intouch shares, however, gained 27 per cent year-to-date against a benchmark rise of 3.55 per cent; its 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 per cent of InTouch.

Credit Suisse was one of the book-runners.

REUTERS