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| NOT FOR DISTRIBUTION IN THE UNITED STATES |
4 November 2004 TEMASEK IMPROVES LIQUIDITY OF SINGTEL STOCK Singapore, 4 Nov 2004 – Temasek Holdings (“Temasek”) is placing out approximately 330 to 340 million ordinary shares of SingTel representing approximately 2% of the outstanding shares of SingTel.
Mr Gan Chee Yen, Managing Director of Finance, Temasek said, “This offering will improve the liquidity of SingTel’s stock. It will also widen the institutional investor base. We believe the additional liquidity and broader base of institutional shareholders will benefit all shareholders. We have seen strong demand for the stock following a very healthy set of second quarter results from SingTel. This placement will provide liquidity to support the demand.”
In January this year, Temasek offered S$1.6 billion of exchangeable notes due 2009 on shares of SingTel. If the exchangeable notes are fully converted, the public float of SingTel will increase to more than 40% with this latest offering. Temasek remains the single largest shareholder of SingTel.
The share placement is targeted at institutional investors. It is expected to raise around S$800 million. Morgan Stanley Asia (Securities) Singapore Pte Ltd has been appointed as the bookrunner for the offering of the shares.
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| THESE MATERIALS ARE NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES. THE SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933. NO PORTION OF THE PROPOSED OFFERING IS INTENDED TO BE REGISTERED IN THE UNITED STATES, AND NO PUBLIC OFFERING IS INTENDED TO BE CONDUCTED IN THE UNITED STATES. |