Exchange Fund Investment (EFI) has invited investment banks to propose ways of disposing of the Government's $158 billion share portfolio, sources said.
The move marks a further step towards a sale of the Government's holdings amassed during last year's controversial stock market intervention.
EFI had sent letters to a number of international houses and large local brokerages, sources said. The company's board will choose three investment banks by the end of this month to form a panel to advise on a sale of the Government's holdings.
The proposals would form part of the selection criteria in deciding which institutions will join the panel.
EFI was set up to manage the portfolio bought during August's intervention plus shares formerly held by the Land Fund.
The portfolio, including the Land Fund shares, was valued at $158 billion on December 11.
