Want to know know why there has been massive volume in the market over the past week?
Temasek Holdings Pte and its partners sold 20.9 billion baht ($687 million) of Shin Corp. (INTUCH) shares, paring its stake in the company that controls the biggest Thai mobile-phone operator.
Singapore’s state-owned investment company and its partners in Cedar Holdings Ltd. sold 330 million Shin shares at 63.25 baht each, Shin said in a statement. That was a 5.6 percent discount to the close yesterday, and cuts the group’s stake to about 13.3 percent from 23.6 percent, according to Shin.
Well its basic mathematics, Temasek made just over 50% in capital gains (excl. divs) in INTUCH, they are halving their investment to be equivalent to its original stake. However if there are continued share sales by the group, don’t be surprised to see further downside in INTUCH as more shares will hit the market.