NEWS RELEASE
7 January 2004
TEMASEK HOLDINGS' OFFERING OF SINGTEL SHARES AND EXCHANGEABLE NOTES
Singapore, 7 January 2004 - Temasek Holdings ("Temasek") launched a share offering yesterday, 6 January 2004, to place out part of its stake in SingTel. The share offering was carried out in conjunction with a simultaneous offering of exchangeable notes. Temasek believes that the offering will contribute towards improving the liquidity of SingTel's stock in the public market, and widening the stock's institutional investor base. This is expected to be beneficial to all SingTel investors.
Temasek currently has no plans to further divest its shares in SingTel. Temasek remains the single largest shareholder of SingTel, and will continue to fulfil its role of a responsible and value-adding shareholder to SingTel.
Details of the transaction
Temasek placed out 391,961,500 ordinary shares of SingTel at a price of S$1.95 per share. At the same time, Temasek's wholly-owned subsidiary, Somerset Global Corporation Limited, also placed out S$1,358,800,000 Zero Coupon Guaranteed Exchangeable Notes due 2009 ("Notes") at an issue price of 100% of the principal amount of the Notes. The manager of the issue of the Notes has an option to increase the size of the issue by up to an additional S$203,820,000 principal amount of the Notes.
Holders of the Notes who exercise their exchange rights will initially be entitled to receive approximately 99,383.8203 ordinary shares of SingTel for each S$250,000 principal amount of Notes.
The Notes and the shares have been placed to institutional and sophisticated investors. The closing of the offerings of the Notes and the shares is expected to be on or around 12 January 2004. Merrill Lynch (Singapore) Pte. Ltd. ("Merrill Lynch") has been appointed as the manager of the issue of the Notes as well as the global coordinator and bookrunner for the offerings of the Notes and the shares.
Following the share offering, Temasek's shareholding in SingTel will be reduced from 67.18% to 64.98%. Should Merrill Lynch exercise its option in full and the Noteholders exercise their exchange rights under the Notes in full, Temasek's shareholding in SingTel would be further reduced to 61.49%.
|
For media enquiries, please contact: Eva Ho Director, Corporate Communications Temasek Holdings (Pte) Ltd Tel: (65) 6828 6763 Mobile: (65) 9617 6234 Email: evaho@temasek.com.sg |
Rachel Lin Associate Director, Corporate Communications Temasek Holdings (Pte) Ltd Tel: (65) 6828 6766 Mobile: (65) 96661855 Email: rachellin@temasek.com.sg |