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Temasek takes 12 percent of StanChart

Temasek takes 12 percent of StanChart

(28 March 2006 – Singapore) Singapore’s Temasek Holdings has bought a 12 percent stake in Standard Chartered Bank from Malaysia’s Khoo family. The Khoo family is Standard Chartered’s largest shareholder after head of the family, Tan Sri Khoo Teck Puat, first bought shares in the bank in 1986 when British bank Lloyds was targeting Standard Chartered.

The stake will be sold to Temasek subsidiary Dover Investments.

The Khoo family’s investment in Standard Chartered has increased by more than 30 percent over the past six months due to speculation the bank could be targeted by investors.

Although headquartered in London, Standard Chartered is primarily focussed on developing markets throughout Asia and Africa.
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