Biz Scene: Market

Temasek cuts stake

Temasek Holdings Pte, the Singaporean State-owned investment company, raised HK$809.6 million selling 37 million shares in China COSCO Holdings Co.

The sale cut Temasek's stake in Asia's biggest container shipping line to 10.87 percent from 12.3 percent, according to the Hong Kong stock exchange website.

The Singapore company sold 22.4 million Cosco shares at an average of HK$21.933 apiece and 14.6 million more at an average of HK$21.79 each, it said in the filing.

Coal output up

Shenhua Energy, China's top coal producer, said yesterday its August commercial coal output rose 21.9 percent to 13.9 million tons from its 2006 monthly average.

The company said in a statement that its coal sales totaled 18.2 million tons in August, up 27.3 percent from the 2006 monthly average. Of the total sales, 2.3 million tons were exports, up 15 percent from the 2006 monthly average.

(China Daily 09/18/2007 page15)