SINGAPORE, July 25 (Reuters) - Singapore’s sovereign fund Temasek Holdings TEM.UL still owns 86.9 million shares in U.S. investment bank Merrill Lynch MER.N, unchanged since March, sources told Reuters.
A source briefed on the situation said since March 31 Temasek had not reduced its shareholding in Merrill, denying a market rumour that it has sold shares in the U.S. bank.
Temasek invested $5 billion in Merrill Lynch in December and February at $48 a share, at a time when sovereign funds from Asia and the Middle East were propping up global banks reeling from subprime-related credit losses.
Merrill shares, which closed at $29.04 on Thursday, are 40 percent below Temasek’s purchase price. (Reporting by Saeed Azhar, editing by Neil Chatterjee)