Temasek's Cosco stake falls

• QX179R

  31 Mar 10, 15:09

  TEMASEK Holdings has made a very late discovery that it is no longer a substantial shareholder of China-based Cosco Corp (Singapore). It reported yesterday that its deemed stake in the Singapore-listed firm had fallen to 4.99 per cent from 5.59 per cent.

  Some of the transactions that led to the change in shareholding were done as far back as two years ago.

  In its statement last night, Temasek said that related companies had cut or eliminated their stakes in Cosco since 2008.

  These came about from a series of transactions by:

  • Subsidiaries of DBS Group Holdings;

  • Fullerton Fund Management for its discretionary investment clients. Fullerton ceased to have any deemed interest in Cosco since Dec 9, 2008;

  • Subsidiaries of ST Engineering, which ceased to have any deemed interest in Cosco since March 10, 2008; and
• • Subsidiaries of Singapore Airlines, which ceased to have any deemed interest in Cosco since April 28, 2008.

  DBS is an associate while the other three companies are subsidiaries of the Singapore investment company.

  Temasek said it became aware of the change in the percentage level of its interest only on Monday.

  -- ST