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SINGAPORE: Temasek Holdings has raised its stake in Spain's biggest oil company, Repsol. The Singapore investment firm bought a further five per cent of treasury shares in Repsol for S$1.68 billion (US$1.35 billion).
The acquisition of 64.7 million shares at 16.01 Euros a share lifts Temasek's stake in the company to 6.3 per cent, Temasek and Repsol said in a statement.
Repsol's chairman Antonio Brufau said having an investor as prestigious as Temasek is an important international backing of its growth strategy.
Temasek, with a portfolio of S$198 billion as of March 31, 2012, said it is increasing its exposure to the energy sector.
Tay Sulian, managing director of investment at Temasek, said: "The investment in Repsol deepens our exposure to the energy sector through a high quality growth-oriented company.
"The sector is a good proxy for the needs of transforming economies and growing middle-income populations, both of which are part of Temasek's investment themes. We are pleased to have the opportunity to invest in Repsol, and will continue to look for good, long-term investments in the energy space."
Repsol recently announced the sale of its LNG assets to Shell for US$6.7 billion, strengthening the company's balance sheet and reducing net debt by half.
-CNA/ac
The acquisition of 64.7 million shares at 16.01 Euros a share lifts Temasek's stake in the company to 6.3 per cent, Temasek and Repsol said in a statement.
Repsol's chairman Antonio Brufau said having an investor as prestigious as Temasek is an important international backing of its growth strategy.
Temasek, with a portfolio of S$198 billion as of March 31, 2012, said it is increasing its exposure to the energy sector.
Tay Sulian, managing director of investment at Temasek, said: "The investment in Repsol deepens our exposure to the energy sector through a high quality growth-oriented company.
"The sector is a good proxy for the needs of transforming economies and growing middle-income populations, both of which are part of Temasek's investment themes. We are pleased to have the opportunity to invest in Repsol, and will continue to look for good, long-term investments in the energy space."
Repsol recently announced the sale of its LNG assets to Shell for US$6.7 billion, strengthening the company's balance sheet and reducing net debt by half.
-CNA/ac
