Temasek amasses 1.03% stake in Alibaba

As it seeks to benefit from rising consumption in Asia’s biggest company.

Temasek Holdings Pte has amassed a 1.03 percent stake in Alibaba Group Holding Ltd. (BABA)after the Internet company’s September public share sale.

According to a report by Bloomberg, Singapore’s state-owned investment firm, directly or through its units, owned 25.5 million American depositary receipts in the Chinese company valued at $2.26 billion, as of Sept. 30, according to a filing today with the U.S. Securities and Exchange Commission, making it the largest listed shareholder with 1.03 percent. Alibaba rose 0.1 percent to $114.95 at 12:39 p.m. in New York and has surged about 68 percent since its Sept. 19 debut.

“They made a decent gain with their Alibaba investment,” said Enrico Soddu, an analyst at Institutional Investor’s Sovereign Wealth Center in London. “I expect them to hold on to that investment as is helps them outweigh their holdings of Chinese lenders and fits their strategy of investing in countries with a growing middle class and companies with a strong comparative advantage.”

View the full report here.

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