July 25, 2008 / 7:34 AM / 11 years ago

UPDATE 1-Temasek stake in Merrill unchanged - sources

(Adds Temasek no comment)

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 on Friday.

The comments come after market rumours Temasek had sold more than half of its shares in the U.S. bank prompted a dip in the U.S. dollar against the yen and the euro.

A source briefed on the situation said since March 31 Temasek had not reduced its shareholding in Merrill. Temasek is still holding Merrill shares and there is no change, a second source said.

Temasek said in a statement it had no comment on market speculation.

The Singapore group 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 Jan Dahinten)

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