New York, April 16 (FinanceEnquiry.com) – Singapore-based Temasek Holdings bought Hong Kong listed shares of Industrial & Commercial Bank of China Ltd, from Goldman Sachs Group Inc (NYSE : GS). The company bought 3.55 billion shares for worth $2.3 billion to increase its presence in China.
After the deal,Goldman is left with US$3 billion worth of ICBC share,accounting for less than 2% of the total share base. In April 2006, the Wall Street bank bought a 4.9% stake in ICBC for US$2.58 billion.
Goldman is interested in retaining the remaining shares of ICBC as it still wants to be a significant shareholder of the bank. In the near future, the company has no plans of selling its shares.
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