Temasek Holdings Ltd, an Asian investment firm headquartered in Singapore, increased its stake in Hong Kong-listed Industrial and Commercial Bank of China from 6.71 to 7.04 percent.

This is the third time in a year that it has increased its stake and coincides with Goldman Sachs Group Inc exiting its seven-year investment. Temasek bought 280 million shares in the world's largest bank by market value at an average price of $0.71 a share, or a total of $198 million, according to a Hong Kong stock exchange statement on Tuesday.

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