Hotel and resorts group Shangri-La Asia yesterday said it was selling a second stake of new shares to Singapore government-owned Temasek Holdings, this time raising $774 million.
The share sale will increase Temasek's interest in Shangri-La from 5.06 per cent to 9.21 per cent of the enlarged share capital.
According to a statement issued last night, Temasek subsidiary Hong Lim Investments is to subscribe for 86 million new Shangri-La Asia shares at $9 a share.
The subscription price represents a 7.78 per cent premium to yesterday's closing price of $8.35.
Temasek, an unlisted company wholly owned by the Singapore Government, bought 70.5 million Shangri-La shares in June, then paying $10 a share.
Temasek is becoming an increasingly prominent investor in Hong Kong.
The company is part of a consortium developing the first phase of the Kowloon Airport Railway Station, and owns part of DBS Land which is involved in the development of the Tai Kok Tsui Station.