Temasek Firm to Sell Shares in Malaysia 5G Winner to Tycoon Tan

A Temasek Holdings Pte firm is cutting its investment in a Malaysian phone company that recently won a major 5G contract, selling part of its stake to an entity controlled by tycoon Vincent Tan and the Malaysian king’s daughter.

Straits Mobile Investments Pte, a unit of Singapore Technologies Telemedia Pte which is owned by Singapore state investor Temasek, will reduce its shareholding in U Mobile Sdn. to 20% in the deal agreed Dec. 4, according to a statement to the Singapore Exchange. It currently holds 48%, according to a filing with the Companies Commission of Malaysia.

The shares are ...