An institutional investor in Singapore Petroleum has sold $248 million (S$389 million) worth of the refiner’s shares, according to a pricing document, more than half of a stake it has been trying to unload since 2004.

Indonesian-owned Satya Capital sold 69.35 million shares at S$5.61 ($3.58) per share, upsizing its initial offering amount of 57.5 million shares, the document said.
The sale price is a 4.9 per cent discount to Singapore Petroleum’s last traded price of S$5.90, near an all-time high of S$6.05.
Satya has long sought to sell its stake of more than 22 per cent in Singapore Petroleum, which has a 50-50 refining venture with Chevron and a number of oil and gas exploration and production interests in Southeast Asia.
The sale represents about 60 per cent of Satya’s total holdings of Singapore Petroleum, which is 44-per cent owned by Keppel, a conglomerate controlled by the Singapore government.
Anumber of Asian oil companies have looked at the stake,but none has made a serious offer.