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HC Vows Temasek Will Hang On To Her Family Jewels

SNAblog

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http://www.bloomberg.com/apps/news?pid=20601080&sid=axCB2V7W4uko

Bloomberg.com, 29 Jul 2009, Shamim Adam

Temasek to Hang on to ‘Family Jewels,’ Allow Public to Invest

July 29 (Bloomberg) -- Temasek Holdings Pte vowed to hang on to the “family jewels” as a long-term investor and said it may allow the public to invest in Singapore’s state-run fund.

The value of the company’s assets dropped by more than S$40 billion ($27.8 billion) in the 12 months ended March, Chief Executive Officer Ho Ching said in a speech in Singapore today. The investment firm will act to enhance value over as long as 30 years and will not sell stakes “for divestment’s sake,” Ho said.

“We don’t intend to raid the larder nor sell the family jewels for short-term gains,” Ho said. “We will jealously guard our interest and will invest, rationalize, consolidate or divest where it makes sense, where we can achieve clear, sustainable value.”

Ho, wife of Singapore’s Prime Minister Lee Hsien Loong, drove an expansion outside Singapore and increased financial assets to 40 percent of a portfolio that has declined as the credit crisis drove down the value of stakes in Merrill Lynch & Co., Barclays Plc and Standard Chartered Plc.

Temasek would consider over the long term creating one more group of stakeholders, and may invite the public to “co- invest” with the company, Ho said. It may seek “sophisticated investors” in five to eight years and retail investors in the next eight to 10 years, she added.

“It is important to test this over at least one market cycle during the next five to eight years,” she said. “If this pilot is successful, we may then consider a co-investment platform for retail investors in perhaps eight to 10 years’ time.”

Pretty Huge Investments’

Temasek was also looking for long-term investors, Ho added.

“You’ve got to balance the conflict between the interests of shareholders and that of the state, which may not always be the same,” said David Cohen, director of Asian economic forecasting at Action Economics in Singapore. “I imagine that Temasek could attract some pretty huge investments.”

Temasek is the biggest shareholder in five of Singapore’s 10 biggest publicly traded companies by market value, including Singapore Telecommunications Ltd., Southeast Asia’s biggest phone company, and DBS Group Holdings Ltd., the region’s largest bank by assets.

Ho said financial sector investments will still form part of Temasek’s core holdings. Temasek is still “fairly comfortable” in the financial sector.

The fund, in the first quarter, sold its 3.8 percent stake in Bank of America Corp., which bought Merrill Lynch, at a loss that may have totaled $4.6 billion. Temasek sold its stake in London-based Barclays at a loss in December and January, Reuters reported on June 3, citing people familiar with the matter.

Temasek was founded in 1974 to foster development of the island’s banks, airlines and ports. It owns shares of the island’s biggest bank and its largest telephone company.

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Other News @ Singapore News Alternative:

1. Temasek to Hang on to ‘Family Jewels,’ Allow Public to Invest
2. Temasek May Create One More Group of Stakeholders
3. Scrapping of Temasek succession "unfortunate" - CEO Ho Ching
4. Temasek Portfolio Lost Over S$40 Billion - Temasek CEO
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soIsee

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The peasant's money ( CPF old age money) are already in her hands and they can't even take them back!

So they lan lan got no choice, NOT to invest even if the peasants don't want to!

Call it, "I had made a wrong gamble , was greedy and lost almost half of it all and now the peasants will have to use whatever remaining funds they have to BACK ME UP!
 

hairylee

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They say that they take a long term view when comes to investment -

FUCK THEIR ASSES

by 30 years time if the value drops to zero what do we do? dig their bodies from their grave and flock them.
 

2lanu

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This is similiar to Madoff's ruse. The only thing is that by 30 years time, all of us will not be around to verify this.

Just like your great grandparent that sweat and bled for this land. Where are they now? All the credits now belong to the LEEs.
 

Merl Haggard

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Asset
Please refrain from insulting all the girls from Geylang.......they are human you know......ask that CCB from the famiLEE to sell somewhere else. :biggrin:


That chao chee bye whore jinx should only be allowed to sell her ccb at Johore Rd among all the old prostitutes!
 

coolguy

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MM: Why your want my daughter-in-law CB?
Maybe if you became a long time investor in temasick with a portfolio of at least $1billion, then maybe I can consider.:biggrin:
 

Tiu Kwang Yew

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Any way, when Temasick gains , what local sporns get ?

Nothing !

When they lose , they tell you so you squeeze your balls.

people put money in CPF, what the CPF gains? Nothing!

But the PAP baboons are millionaires whether win or lose !

The baboons can up ERP, pump price, PUB bills, to offset the lost.

66.6 is fcuked deep into their throat.
the rest is collateral damage.
 

makapaaa

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Asset
Sporns would do well to give up that pink tampon and withdraw whatever they have left in their CPeeF before the empty piggy bank is exposed!
 

littlefish

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Temasek would consider over the long term creating one more group of stakeholders, and may invite the public to “co- invest” with the company, Ho said. It may seek “sophisticated investors” in five to eight years and retail investors in the next eight to 10 years, she added.

“It is important to test this over at least one market cycle during the next five to eight years,” she said. “If this pilot is successful, we may then consider a co-investment platform for retail investors in perhaps eight to 10 years’ time.”

So the money no longer belongs to Singaporeans in future? Not that Singaporeans can smell the money now anyway but will this ensure that Singapore's interests remain the top priority? I think the family will sell out the entire country sooner or later. This is not just selling off state assets (which may be justifiable) but it could potentially allow funds to be diverted away from the local economy. Although this is already happening but what safeguards are there to ensure that the fund acts in the best interests of Singapore? I believe the obligation of Temasek to support the local economy was removed a few years ago (GIC has no such obligations). I pity the poor and downtrodden as they will soon be living and working like slaves in a country they can't call home.

Looks like the majority of Singaporeans are still in deep slumber if they allow this to happen.
 
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