Temasek Holdings of Singapore said Monday it is willing to reduce its shareholding in Shin Corp "at the appropriate time and in an appropriate manner" in order to ensure an orderly market.The Nation
However, Jimmy Phoon, senior managing director, investments of Temasek, said the share reduction is part of Temasek's original intention to keep Shin Corp's listing status in the Thai stock market following a public tender offer in March 2006.
He did not address the controversial and pending question as to whether Temasek has relied on nominees to circumvent the Thai ownership law in its Bt140-billion acquisition of Shin Corp, formerly controlled by the Shinawatra and Damapong family.
In the tender offer, almost all of the shares of Shin Corp were tendered to a consortium controlled by Temasek, which ended up holding about 94 per cent of all the oustanding stocks. This has made the shares illiquid for trading on the stock market.
To maintain the active trading of Shin Corp stocks, it will be necessary for Temasek to fulfil the stock exchange regulations by selling the Shin Corp stocks back into the market so that there are free-floated stocks of at least 15 per cent.
"As a responsible investor, we also respect the views and are sensitive to the feelings of the Thai people," Phoon said. "We want Shin Corp to remain a Thai company that Thailand and Thais will continue to be proud of. We are happy that Shin Corp continues to be managed by competent and professional Thai people."