Bangkok

Temasek Holdings (Pte) Ltd (Temasek), Siam Commercial Bank Pcl (SCB) and a group of Thai investors, through Kularb Kaew Pcl, have reached an agreement with the Shinawatra and Damapong families to acquire their 1,487.7 million shares or 49.6% stake in Shin Corporation Pcl (Shin Corp). The total consideration of the purchase will be THB 73.3 billion, representing THB 49.25 per share.

Under the agreement, Cedar Holdings Limited (Cedar) and Aspen Holdings Limited (Aspen), both Thai incorporated companies, have acquired 1,158.5 million (38.6%) and 329.2 million (11.0%) shares of Shin Corp, respectively. Cedar is 49% owned by Temasek, with the remaining 51% held by SCB and Kularb Kaew. Aspen is an indirect wholly owned subsidiary of Temasek. Upon completion of the transaction, Shin Corp will remain a majority Thai-owned company.

Mr S. Iswaran, Temasek’s Managing Director of Investments said: “Thailand has a growing and vibrant economy that represents an attractive investment destination. Shin Corp, as one of Thailand’s leading companies, presents us with a unique opportunity to gain exposure to Thailand’s growing communications sector. We are privileged to have this opportunity to invest in a leading Thai company. We have confidence in Shin Corp’s future and we are pleased to have strong and highly-respected Thai partners who share with us the management’s vision of growing its various businesses in the region and beyond. We look forward to leveraging Temasek’s global network and experience across various industries to work with Shin Corp’s management team, the board and the other stakeholders to contribute to the Thai economy and maximize long-term value for all shareholders of Shin Corp.”

Dr. Vichit Suraphongchai, Chairman of the Executive Committee, Siam Commercial Bank added: “We were invited by Temasek Holdings, who is also our shareholder, to participate in this investment. We are pleased to participate because we are confident about the future prospects of Shin Corp. We look forward to working together with the Company’s management and stakeholders to create value for Thailand and help the Company to grow from strength to strength.”

Dr. Suvarn Valaisathien, spokesman for the Shinawatra and Damapong Families stated: “This transaction represents a win-win proposition as it allows the Shinawatra and Damapong Families to exit completely from the business, while providing Shin Corp with experienced, reputable and committed long-term shareholders who can support the Company’s regional growth aspirations and further strengthen Thailand’s communications sector.”

Khun Pong Sarasin, Shin Corp’s Chairman-designate, added on behalf of the Thai investor group: “The communications sector globally is in the midst of rapid change and development, and we are excited to work with Shin Corp’s capable and experienced management team and employees to strengthen the Company’s leadership position in Thailand and beyond.”

Pursuant to relevant stock market regulations in Thailand, Cedar and Aspen will jointly launch a tender offer for the remaining shares of Shin Corp which they do not already own. Cedar and Aspen will also launch a voluntary tender offer for the remaining shares in Advanced Info Service Pcl which Shin Corp does not already own. The Takeover Panel has confirmed that Cedar and Aspen are not required to make chain principle offers for Shin Satellite Pcl, ITV Pcl and CS LoxInfo Pcl.

Following the sale, the Shinawatra and Damapong Families will no longer hold any shares in Shin Corp. Said Dr. Suvarn Valaisathien: “This is an outright sale and the families have no buy-back rights. A portion of the sale proceeds will be donated towards the establishment of social contribution programmes in Thailand.”

About Temasek Holdings:

Established in 1974, Temasek Holdings is an Asia investment company headquartered in Singapore. It manages a diversified global portfolio of US$60 billion, principally in Singapore, Asia and the OECD economies, and has a corporate credit rating of AAA/Aaa by Standard & Poor's and Moody's respectively. Its investments cover various industries: telecommunications and media, financial services, property, transportation and logistics, energy and resources, infrastructure, engineering and technology, as well as pharmaceuticals and biosciences. Its overseas investments include blue chip companies in India such as ICICI Bank, Mahindra & Mahindra and Matrix Laboratories; China Construction Bank and China COSCO Holdings in China; Bank Danamon and Bank Internasional Indonesia in Indonesia; Quintiles Transnational Corp in the USA; as well as Hana Bank in South Korea. For more information, please visit http://www.temasekholdings.com.sg/

About Siam Commercial Bank:

The Siam Commercial Bank PCL is Thailand's first indigenous bank, established in 1906 under Royal Charter. It is a full-service financial institution providing a full range of financial services, including corporate and personal lending, retail and wholesale banking, foreign currency operations, international trade financing, cash management, custodial services, credit and charge card services and investment banking services, through its head office and its extensive branch network in Thailand. It is a public company that is listed on the Stock Exchange of Thailand under the stock code “SCB”.

About Shin Corp:

Shin Corporation Plc. is a diversified holding company, based in Thailand, comprising 5 principle lines of businesses: (1) wireless communications business; (2) satellite, broadband, and international Businesses; (3) broadcasting business; (4) transportation business, and (5) consumer finance business. More information about Shin Corporation can be obtained from http://www.shincorp.com

For media queries, please call:

Temasek Holdings
Eva Ho: Tel: (65) 9617 6234, Email: evaho@temasek.com.sg
Rachel Lin: Tel: (65) 96661855, Email: rachellin@temasek.com.sg

Shin Corporation Plc
Corporate Affairs Office
Khun Rachadawarn: Tel: 662-2995498-9, Email: rachada@shincorp.com