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Temasek selling US$2.4 bln shares in BOC and CCB

May. 3, 2012 (China Knowledge) - Temasek Holdings Pte Ltd, Singapore's sovereign wealth fund, is selling approximately US$2.4 billion worth of shares in Bank of China (BOC)<601988><3988> and China Construction Bank (CCB)<601939><0939> in Hong Kong, sources reported.

Fullerton Financial Holdings Pte Ltd, controlled by Temasek, is selling not more than US$1.26 billion of 3.08 billion H shares in BOC at HK$3.13 to HK$3.18 apiece, a discount of 2.5% to 4% to its closing price of HK$3.26 Wednesday.

Temasek's another unit, Cairnhill Investments (Mauritius) Pte Ltd, is selling 1.6 billion H shares in CCB for around RMB 1.25 billion in total, or HK$5.99 to HK$6.10 apiece, a discount between 1.0% and 2.8% to its closing price of HK$6.16 Wednesday.

Bank of America Merrill Lynch and Morgan Stanley have been assigned to handle the deal.

Last November, Temasek became the second largest shareholder of CCB by purchasing 3.77 billion shares. The Singapore firm acquired 97.1 million BOC shares last August, increasing its shareholdings from 6.96% to 7.07%.

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