HONG KONG - Temasek Holdings' sale of a US$3 billion stake in retailer A S 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 per cent stake of A S Watson, was considering selling about 10 per cent of the retailer after receiving preliminary interest, Bloomberg News reported earlier this year. Abu Dhabi's sovereign wealth fund and Chinese internet giants Tencent Holdings and Alibaba Group Holding were among parties that had shown interest in the stake, people familiar with the matter have said.
Temasek will keep looking into ways to improve the retailer's valuation, one of the people said. It could still resume the sale process in the future, the people said. The Singapore investment firm bought the stake in A S Watson, which is a unit of Hong Kong tycoon Victor Li's CK Hutchison Holdings Ltd, for HK$44 billion in 2014.
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