Temasek Holdings, the Singapore state-owned investment company, is seeking to raise about HK$28 billion ($4.4 billion) by selling stakes in China Construction Bank Corp. and Bank of China, two of the country’s three biggest banks.
The Singapore-based investment company is selling HK$18.7 billion of shares in Bank of China and about HK$9.3 billion in an offering of China Construction Bank stock, according to term sheets obtained by Bloomberg News.
The Singapore-based investment company is selling HK$18.7 billion of shares in Bank of China and about HK$9.3 billion in an offering of China Construction Bank stock, according to term sheets obtained by Bloomberg News.
Temasek’s Fullerton Financial Holdings unit is offering about 5.2 billion shares in Bank of China for HK$3.60 to HK$3.67 each, according to a term sheet for the offering. That’s as much as 6.7% less than today’s closing price.
Cairnhill Investments (Mauritius) and Crescent Investments (Mauritius), both controlled by Temasek, are selling about 1.5 billion shares in China Construction Bank for HK$6.22 to HK$6.35 each. The stock closed at HK$6.48 in Hong Kong trading today.
Morgan Stanley is managing both sales, the terms show. Jeffrey Fang, a spokesman for Temasek, declined to comment.
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