Jul 25, 2008
Reuters
SINGAPORE'S sovereign fund Temasek Holdings still owns 86.9 million shares in United States investment bank Merrill Lynch, unchanged since March, sources said.
A source briefed on the situation said since March 31 Temasek had not reduced its shareholding in Merrill, denying a market rumour that it has sold shares in the US bank.
Temasek invested US$$5 billion (S$6.8 billion) in Merrill Lynch in December and February at US$48 a share, at a time when sovereign funds from Asia and the Middle East were propping up global banks reeling from sub-prime-related credit losses.
Merrill shares, which closed at US$29.04 on Thursday, are 40 per cent below Temasek's purchase price. -- REUTERS
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