SINGAPORE'S state investment agency said it sold shares in two Chinese mainland banks this week, and media reports said the sales netted Temasek US$800 million in proceeds.
Temasek sold 280 million shares in China Construction Bank yesterday, representing less than two percent of its holding in the bank, a company spokeswoman said today. Local media said the sale of the shares earned Temasek about HK$2 billion (US$256 million), but the spokeswoman would not confirm the amount.
Two days earlier, Temasek confirmed it sold 1.08 billion shares in Bank of China for HK$4.45 billion, reducing its stake in the mainland lender from 15.5 percent to 14.2 percent.
Both sales were part of Temasek's ongoing rebalancing of its portfolio, the spokeswoman said in a statement e-mailed to The Associated Press.
China Construction Bank was the most heavily traded stock on the Hong Kong market today with shares worth HK$3.013 billion trading hands, including those placed by Temasek.
The share closed the morning session up 0.80 percent at HK$7.52. The bank, China's third largest, is also listed in Shanghai.
The announcement of Monday's stake sale in Bank of China sent the company's shares tumbling. The stock fell 5.2 percent to HK$4.02 on Tuesday, but edged marginally higher in early trade today to HK$4.09.