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SINGAPORE PRESS: GIC Buys 5% Of Malaysia Shell Refining

SINGAPORE PRESS: GIC Buys 5% Of Malaysia Shell Refining

Friday July 30, 9:24 AM

SINGAPORE (Dow Jones)–The Government of Singapore Corp. has bought another substantial stake in a listed company in Malaysia amid signs of warmer bilateral ties between the two countries, the Business Times reports.

The investment arm of the Singapore government has emerged as possibly the third-largest shareholder of Shell Refining Co. (Federation of Malaysia), after it bought a 5% stake, or 15 million shares, in the company for S$43.91 million, the Singapore business daily says.

The shares were bought on July 22, according to a disclosure Thursday by the Malaysian arm of Royal Dutch/Shell, Europe’s second-biggest oil corporation. The newspaper adds GIC likely bought the shares in a share placement earlier this month.

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