Singapore's Temasek and its partners have purchased a nearly 50-percent stake in Shin, the Thai wireless phone company.
The transaction cost was pegged at nearly $2 billion and turns 49.6 percent of Shin over to Temasek, an investment fund of the Singapore government, as Thai-owned investment groups Aspen Holdings and Cedar Holdings.
A news release from the investors said it looked forward to strengthening Shin's position in the Thai telecom sector and in the entire region. The sale is expected to increase the chances of regional acquisitions and joint ventures by other Asian telecom companies.
Shin Corp. was founded by the family of Prime Minister Thaksin Shinawatra. The sale was driven in part by the family's desire to eliminate potential conflicts of interest for the prime minister.
Copyright 2006 by United Press International
Explore further: Social Security spent $300M on 'IT boondoggle'