Shares of Sembcorp Marine fell as much as 4.6% on Tuesday after news that Singapore state investor Temasek Holdings is selling up to $330 million worth of shares in the oil rig builder.
By 9:01 a.m., Sembcorp Marine shares were down 3.5% at $5.21, underperforming the broader Straits Times Index which was flat.
Temasek is selling 62.4 million shares, or about 3%, in the company, its direct stake in the Singapore-listed firm, sources told Reuters on Monday.
It also has a substantial indirect interest in the firm through Sembcorp Industries.
UBS is handling the share sale, sources said.
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