This morning, Temasek Holdings sold 3% of its direct stake in Sembcorp Marine (SMM). The state-owned investment company sold 62.4m shares at $5.25 per share, implying a 16x FY12 PER based on consensus estimates. Temasek still holds an indirect stake (effective 30%) in SMM through its 49.56% interest in Sembcorp Industries (SCI), which itself owns 60.75% in SMM. The share sale sparked a 5% drop in SMM’s share price this morning. We take this opportunity to highlight the locally listed stocks in which Temasek has remaining direct shareholdings.
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