The move is blamed on Brexit and the political unrest in Hong Kong.
Temasek Holdings’ plan to sell US$3b stake in retailer AS Watson Group has been derailed under the twin pressures of Brexit and the anti-government protests rocking Hong Kong, people with knowledge of the matter said.
Temasek, which owns a 25% stake of A.S. Watson, was considering selling about 10% of the retailer after receiving preliminary interest. Abu Dhabi’s sovereign wealth fund and Chinese internet giants Tencent Holdings Ltd. and Alibaba Group Holding Ltd. were amongst parties that had shown interest in the stake.
“As per our company policy, we do not comment on market speculation and rumors,” Temasek said in an emailed statement.
Temasek bought the stake in A.S. Watson, which is a unit of Hong Kong tycoon Victor Li’s CK Hutchison Holdings for US$5.6b in 2014.
Read more from Bloomberg.
Do you know more about this story? Contact us anonymously through this link.