Singapore's sovereign wealth fund, GIC Pte Ltd, is selling a stake worth more than 400 million ringgit ($120 million) in Malaysia's property-to-construction conglomerate Sunway Bhd, according to a term sheet seen by Reuters on Tuesday. The shares are being priced in a range between 3.20 and 3.30 ringgit each, the term sheet showed, representing a discount of 1.5 percent to 4.5 percent to Tuesday's closing price of 3.35 ringgit.Sunway officials were not immediately available for comment.Sunway, controlled by Malaysian tycoon Jeffrey Cheah, in September announced plans to re-list its construction business by the second quarter of 2015, a move analysts said would further unclock value and reward Sunway shareholders in the form of cash dividends.GIC would cease to be a substantial shareholder in Sunway. GIC holds a stake of 8.72 percent in the company, according to Thomson Reuters data, and it is selling a stake of 7.26 percent with an upsize option to sell the rest, according to the sheet.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.13% or $-0.05/share to $37.17. In the past year, the shares have traded as low as $33.21 and as high as $38.73. On average, 747537 shares of TRI exchange hands on a given day and today's volume is recorded at 651218.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 0.62% or $0.26/share to $42.19. In the past year, the shares have traded as low as $36.86 and as high as $42.35. On average, 700705 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 638119.
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