The Shin Corporation is a telecommunications company in Thailand.
Temasek Holdings bought the $1.88 billion stake using two subsidiaries, Cedar Holdings and Aspen Holdings. Aspen Holdings is directly owned by Temasek, which gives Temasek a 41.7% direct stake. The purchased occurred on January 23, 2006. It was the largest acquisition in Thailand's history. Cedar currently holds a 13.3% stake. Temasek holds a minority stake in Cedar.
The sale of a 49.6% stake to Temasek Holdings caused a major controversy in Thailand. The stake was previously held by the Prime Minister, Thaksin Shinawatra and his family. The transaction made the Prime Minister the target of accusations that he was selling an asset of national importance to a foreign entity. Many considered this to be one of the factors behind the eventually coup of Thaksin Shinawatra.
Temasek, in March 2010, said that they would be interested in selling their stake if a buyer could be found. Ceder Holdings sold 253.5 million shares on August 18, 2011. This represented a 7.9% stake. Cedar received $305 million from the sale. Cedar sold a further 10.3% stake for $687 million in January 2013.