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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: Standard Chartered says Temasek retains 18.8 pct stake AFP - 2 hours 46 minutes ago SINGAPORE, Dec 19, 2008 (AFP) - Singapore sovereign wealth fund Temasek Holdings will retain its 18.8 percent stake in Standard Chartered after subscribing to a rights issue, the bank said in a statement Friday. The British-based bank said Temasek now holds 356.6 million ordinary shares, compared with 268.2 million shares, equivalent to the same percentage it owned before the rights issue. Temasek, the bank's largest shareholder, said only that it has "subscribed to its pro-rata portion of Standard Chartered's rights issue." Standard Chartered announced last month that it would raise 1.78 billion pounds (2.70 billion US dollars) in a rights issue to better position itself during the global financial turmoil. The bank, which is listed in Hong Kong and London, issued more than 470 million new ordinary shares under the issue. With Temasek's stake below 20 percent, Standard Chartered maintains its role as one of Hong Kong's three issuers of bank notes. Joseph Yam, chief executive of the Hong Kong Monetary Authority, said late last month that if a foreign government owns more than 20 percent of a lender then it cannot continue to issue notes. Standard Chartered said its rights issue "reinforces the strength of the balance sheet during this turbulent period," adding that the move would allow it to take advantage of opportunities during the world's economic crisis. Temasek and other sovereign wealth funds (SWFs) are government-created investment vehicles that have emerged as a potent force in global markets. Temasek says it manages more than 100 billion US dollars in investments. It has stakes in major regional firms including Singapore Airlines as well as other financial institutions including former US investment bank Merrill Lynch, which suffered heavy losses from US subprime mortgage investments. - Dow Jones Newswires contributed to this story Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Asia Pacific RPT-GLOBAL MARKETS-Japan bonds rise after rate cut, dollar fallsReuters - 27 minutes ago Philippines appeals for help in probing pig virusAP - 30 minutes ago Chinese manufacturing giant outgrows its cradleAP - 37 minutes ago Taiwan tycoon gives record donation to build cancer hospitalAFP - 57 minutes ago Singapore says 10,000 homes bought via deferred paymentReuters - 58 minutes ago Most Popular – Asia Pacific Viewed Oil prices slump to more than four-year lows under 38 dollars Actress Jennifer Aniston appears naked in GQ magazine Ageing L'Oreal heiress defends billion-dollar giveaway US doctors hail near-total face transplant Chrysler halts manufacturing as clock ticks on gov't bailout View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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