Cedar Holdings, which is 63%-owned by Temasek Holdings, has reduced its stake in Thailand’s Shin Corp through a Bt9.12 billion $305 million block trade. The deal was the second sell-down in a Bangkok-listed company this week. It was upsized by 50% and priced above the bottom of the indicated range.
The discount versus the latest close worked out at 10%, which reflected the fact that the stock is very illiquid. The free-float before this deal was just 4% and the offering accounted for about 150 days of trading volume.
While such parameters suggest a potentially risky trade, there were two key issues that attracted investors to the...
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