Temasek Holdings, the Singapore state investor will purchase shares in the German company, Evonik Industries according to people close to one of the owners of Evonik.

For five percent shareholdings, the Singapore company will pay out 600 Million euros or 779 million US dollars to the chemical company. Sources indicated that as part of their agreement, Temasek will not be identified in its the listing at the stock market.

Although news on the finalized deal between Evonik and Temasek has already came out at a German magazine, Wirtschaftswoche, last Saturday, a Temasek spokesman did not comment on the matter.

RAG Trust owns seventy-five percent of Evonik while CVC Capital Partners own the remaining twenty five percent. In their initial public offering last month, these two companies allotted a small percentage of the shares for institutional investors who are interested in purchasing shares. The company's value has reached at 14 billion euros according to sources.