Stake sale in ICBC helps Goldman raise $25bn
SINGAPORE Wall Street firm Goldman Sachs has sold $2.5 billion of shares in the Industrial Commercial Bank of China to the Singaporean sovereign wealth fund Temasek Holdings and other institutional shareholders.
The deal was announced on Monday.
Goldman Sachs sold 3.55 billion shares, or 4 per cent of ICBC's Hong Kong-traded shares, to Temasek. The Singaporean state-owned investment group, which already owns stakes in Bank of China and China Construction Bank, paid $2.3 billion for the stock, based on the per-share price and stake size.
A total of 70 smaller institutional investors purchased the remaining shares worth a combined $200 million.
The transaction for ICBC shares will increase Temasek's stake in the bank to 1.3 per cent, according to a company statement.
Goldman Sachs had bought a 4.9 per cent stake in ICBC in 2006 after the bank's initial public offering. However, it has been slowly selling its shares.
ICBC is the world's largest bank by market value.
The sale is the fourth and biggest by value for New York- based Goldman Sachs. In November last year, Goldman raised $1.1 billion by selling shares in ICBC at HK$4.88 each.
The deal represents about 40 per cent of Goldman Sachs' 8.78 billion shares of ICBC as of Dec. 31, according to data compiled by Bloomberg.
As of December 31, Goldman Sachs owned $4.71 billion of ICBC stock on its own balance sheet, down from $7.59 billion a year ago, according to the global consultancy's annual filing with the U.S. Securities and Exchange Commission.
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