Temasek Holdings, the investment arm of the Singapore government, expects to complete its purchase of a controlling stake in Thai telecommunications empire Shin Corp from the family of Thai Prime Minister Thaksin Shinawatra by early this week, a report said yesterday.
Temasek said it is going ahead with the purchase despite mounting protests in Thailand, the Sunday Times newspaper reported. The deal is expected to be finalized by tomorrow, it said.
A movement to force Thaksin from office swelled last month after his family announced the tax-free sale of its 49.6 percent stake in the conglomerate to Temasek for US$1.9 billion.
Hundreds of Thais demonstrated outside the Singapore Embassy in Bangkok on Thursday, demanding Temasek abandon the deal, which they say involved insider trading and tax dodges.
Critics of the deal also complain that key national assets -- including the country's communications satellites -- are now in the hands of a foreign government.
Temasek said it was aware that its investments come with political risks, but that it was going ahead with the deal because it was positive about Shin Corp's growth potential, the newspaper said, citing a Business Times newspaper report on Saturday.
"Every investment opportunity comes with its own set of risk-reward trade-offs, be they country, market, political, operational, regulatory, financial or execution risks," said S. Iswaran, Temasek's managing director for investment.
"Whether in investments or divestments, we are mindful that there can be social or political sensitivities, even in Singapore. We seek to address such stakeholder concerns where we can, and mitigate these risks appropriately," Iswaran said.
He said the original purchase of Shin Corp shares had been completed, and that Temasek was pushing ahead with the acquisition of additional shares as required by law.
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