TEMASEK Holdings has made a very late discovery that it is no
longer a substantial shareholder of China-based Cosco Corp
(Singapore). It reported yesterday that its deemed stake in the
Singapore-listed firm had fallen to 4.99 per cent from 5.59 per
cent.
Some of the transactions that led to the change in shareholding
were done as far back as two years ago.
In its statement last night, Temasek said that related companies
had cut or eliminated their stakes in Cosco since 2008.
These came about from a series of transactions by:
DBS is an associate while the other three companies are
subsidiaries of the Singapore investment company.
Temasek said it became aware of the change in the percentage
level of its interest only on Monday.
-- ST