Cedar Holdings

Shareholders in the Thai telecommunications group Shin Corp should not have been surprised when Cedar Holdings, an affiliate of Singapore state investment agency Temasek, sold a 10.3 per cent stake of the company for Bt20.9bn ($687m) on Thursday.

But the four per cent slide in Shin Corp’s share price suggested widespread dismay – and fears of a possible further stake sale. The selling price, at Bt63.25 per share, represented a discount of nearly 6 per cent to Wednesday’s closing price of Bt67. Continue reading »