Temasek raises stake in ICBC to 7.04%

Temasek Holdings (Private) increased its stake in Industrial and Commercial Bank of China (ICBC) from 6.71 to 7.04%, according to a regulatory filing the Singaporean investment fund made on Tuesday in Hong Kong.

The move followed on the same day Goldman Sachs Group Inc's sale of its remaining US$1.1 billion ($1.4 million) Hong Kong-traded ICBC shares, ending a seven-year investment.

Temasek bought 280 million shares at an average price of HK$5.50 each, for a total of HK$1.54 billion ($249 million). That meant the Singaporean fund bought just under a fifth of the shares that were offered by Goldman Sachs.