| Singapore sovereign wealth fund Temasek has again taken up shares in the Industrial and Commercial Bank of China (ICBC) that Goldman Sachs wanted to unload. Temasek's stake in the bank rose to 7.04 per cent from 6.71 per cent after it paid HK$1.54 billion for 280 million ICBC shares. Hong Kong stock exchange data showed that Temasek paid an average of HK$5.50 per share.
Goldman raised US$2.5 billion from the sale of ICBC H shares in April last year. Temasek bought most of them, some US$2.3 billion worth. The sovereign wealth fund is keen to invest in mainland banks, and it has allocated more than half its portfolio to Asia........................................Full Article: Source
|