LONDON/SINGAPORE: Singaporean sovereign wealth fund Temasek's stake in Standard Chartered has dipped to just below 18 percent after it opted to take the bank's latest dividend in cash, while a majority of other investors took their payouts in shares.
Temasek has been Standard Chartered's biggest investor since 2006. It said on Tuesday its holding had dipped to 17.75 percent, from 18.06 percent at the end of December. Any change in holding through a percentage point needs to be disclosed.
The reduction was because Temasek took the final 2013 dividend in cash, a person familiar with the matter said.
Standard Chartered said about half of its shareholders took the final dividend in stock, meaning it has to issue millions more shares, which dilutes the percentage holding of investors that take cash.
The final 2013 dividend of 57.2 cents was paid last week. (Reuters)