Temasek cuts stake in Chinese shipping firm

SINGAPORE: Singapore's state-linked investment firm Temasek Holdings said Thursday it had sold 80 million shares in container shipping firm China COSCO Holdings.

It was Temasek's third sale of shares in a Chinese company this week. "This is part of our on-going rebalancing of the portfolio against new opportunities," Temasek said in brief statement that did not give more details of the transaction.

Earlier this week, Temasek pared down its stake in Bank of China to 4.13 percent from 4.6 percent in a deal estimated in media reports to be worth 571.5 million US dollars. This was followed by the sale of 280 million shares in China Construction Bank for nearly 2.0 billion Hong Kong dollars (255 million US). Temasek manages a diversified global portfolio of more than 100 billion US dollars, focused primarily in Asia.