Donch You Feel Like Fxxx Ho Jinx?

[makapaaa]

<TBODY>
[TD="width: 452, colspan: 2"]Published December 29, 2011

[/TD]

[TD="width: 452, colspan: 2"]Temasek may cut losses on troubled Pakistan venture
NIB Bank, in which it owns 88.6%, has suffered huge losses despite cash injections

By CONRAD TAN

(SINGAPORE) Temasek Holdings is looking to sell its majority stake in troubled Pakistan lender NIB Bank, just months after it injected over $100 million into the bank.
[TABLE="align: left"]
<TBODY>[TR]
[TD="bgcolor: #ffffff"][FONT=Geneva, Helvetica, Verdana, Arial, sans-serif]<!-- REPLACE EVERYTHING IN CAPITALS WITH YOUR OWN VALUES -->[TABLE="class: quoteBox, align: left"]
<TBODY>[TR]
[TD]

[/TD]

[TR]
[TD="bgcolor: #fffff1"][TABLE="align: center"]
<TBODY>[TR]
[TD]Temasek owns some 9.13 billion shares, or an 88.6 per cent stake, in NIB through its wholly owned, indirect subsidiary Bugis Investments (Mauritius).
[/TD]
[/TR]
[TR]
[TD]

​

[/TD]
[/TR]
[TR]
[TD]

​

[/TD]
[/TR]
</TBODY>

[/TD]
[/TR]
[TR]
[TD]

[/TD]
[/TR]
</TBODY>[/TABLE]
[/TD]
[/TR]
</TBODY>[/TABLE]
A source told BT that Temasek was looking to offload its 88.6 per cent stake in NIB, which recently saw its founding president and chief executive replaced.
The bank has suffered a cumulative net loss of some 17 billion Pakistan rupees (S$243 million at current exchange rates) since Temasek first invested in the bank in early 2005, according to BT's calculations.
The Industrial and Commercial Bank of China has shown interest in buying Temasek's stake in NIB, Pakistan newspaper The Express Tribune reported on Tuesday, citing banking sources.
'We don't comment on market speculation,' a Temasek spokesman said in response to questions from BT.
Temasek owns some 9.13 billion shares, or an 88.6 per cent stake, in NIB through its wholly owned, indirect subsidiary Bugis Investments (Mauritius), according to NIB's latest financial statement.
Yesterday, NIB shares were trading at 1.49 rupees each, valuing Temasek's stake at 13.61 billion rupees, or about $194 million. That's far short of the estimated $560 million that Temasek has paid to accumulate the stake, BT's analysis of NIB's and Temasek's financial statements shows.
Temasek bought a 25 per cent stake in NIB in February 2005, then quickly raised it to 73 per cent in July 2005. It paid a total of US$57 million to acquire that majority stake, its first direct investment in Pakistan, according to Temasek's 2005 annual report.
NIB then embarked on a rapid expansion drive, growing from just 11 branches at the start of 2005 to 244 branches at the end of 2008, including the acquisition of local rival PICIC Commercial Bank in June 2007. That acquisition was financed by an 18.7 billion rupee rights issue; Temasek injected another 14 billion rupees or $200 million. NIB's vision, it said at the time, was to become one of the country's top five banks.
But it soon ran into trouble.
In October 2008, at the height of the global financial crisis, NIB announced a rights issue to raise 12 billion rupees in new capital. BT's calculations based on the bank's disclosures in its financial statements show that Temasek bought 99.9 per cent of the rights shares at their par value of 10 rupees each, injecting another $171 million into the bank and raising its stake to 74.1 per cent.
Shortly after, NIB announced a record net loss of 7.47 billion rupees for 2008, due mainly to bad-loan charges. It returned to profit in 2009, but a year later was again suffering losses. Its net loss for the whole of 2010 was 10.1 billion rupees, its worst showing yet.
In February this year, NIB again called on its shareholders to stump up more cash, this time by selling its shares at a steeply discounted price of just 1.37 rupees each, and said that it wouldn't pay a dividend for the 2010 financial year. BT calculations show that Temasek ended up buying 98 per cent of the rights shares, pumping another 8.41 billion rupees, or $120 million, into the bank. That raised its stake from 74.1 per cent to the current 88.6 per cent.
Earlier this month, the Pakistan Today newspaper, citing sources close to NIB, reported that Temasek had forced NIB founding president and CEO Khawaja Iqbal Hassan to resign for failing to stem the bank's large losses, though he would remain as a board member.
The bank said on Dec 18 that it had named director Syed Aamir Zahidi as interim president and CEO, effective Dec 17.
[/FONT][/TD]
[/TR]
</TBODY>[/TABLE]

 

[makapaaa]

Yesterday, NIB shares were trading at 1.49 rupees each, valuing Temasek's stake at 13.61 billion rupees, or about $194 million. That's far short of the estimated $560 million that Temasek has paid to accumulate the stake, BT's analysis of NIB's and Temasek's financial statements shows.

=> $366M LOSS!

 

[palden]

Hahaha Sinkees screwing themselves again!

 

[tonychat]

those who contributed to the cpf and sinkie taxes, how do you feel?

Pain or not your ass...

that is what happen when you live among the sinkies, your ass got screwed.

 

[streetsmart73]

those who contributed to the cpf and sinkie taxes, how do you feel?

Pain or not your ass...

that is what happen when you live among the sinkies, your ass got screwed.

hi there


1. tony, i have to agree with you on this one!
2. aiyoh! anything butchman touches sure kena jinnx leh.
3. she is literally a curse!
4. get it out.

 

[red amoeba]

extracted this from Wiki, growths in loan , interest income - in theory, Temasek Holding shld be making some dough.

and the interest rates have been high = 12%.

so, something is fishy. Got to feed the large fish after the merger? Played out by Pakistan government again like Air NZ?

-=====



NIB Bank Limited started as NDLC-IFIVIACK Bank Ltd.[1] which was incorporated in March 2003 as a public limited company. It started operations in October 2003 when all assets , liabilities , rights and obligations of the former National Development Leasing Corporation (NDLC) and Pakistan operations of IFIC were amalgamated with and into the bank with a paid up capital of Rs.1.2bn. In April 2004 the Pakistan operations of Credit Agricole Indosuez were also amalgamated with and into NIB. In March 2005 Temasek Holdings of Singapore acquired 25% shareholding in NIB Bank, through Bugis Investments.
This shareholding was further enhanced to over 70% in June '05 following an increase in NIB's paid up capital to Rs.3.4bn.
NIB Bank has since grown rapidly from a base of 2 branches in 2003 to 45 in the 4th quarter of 2007. Total assets have grown from Rs. 9 bn in December 2003 to Rs 87 bn (excluding acquisition of PICIC through rights) as of September 30 2007, a CAGR of 85%. Loan growth has been equally rapid, increasing from Rs 7 bn to Rs 43 bn in the same period (a CAGR of 64%), resulting from successes in both the commercial and consumer business.
Deposits for the same period have grown at a CAGR of 95%, reaching Rs. 45.3 bn. The overall client base of NIB has also witnessed a tremendous growth in the same period as of September 2007, from a few thousand to over one hundred thousand.NIB Bank's vision is to rank amongst the top 5 banks in the country. Therefore towards end of June 2007 it acquired majority shares of PICIC with the aim of merging PICIC and its commercial banking subsidiary PICIC Commercial Bank Limited into NIB . The acquisition was financed through the country's largest private sector rights issue, with resultant increase in NIB's paid up capital to Rs.21.4bn. The PICIC acquisition has bought with it another subsidiary "PICIC AMC" and an affiliate "PICIC Insurance". NIB already has a shareholding in NAFA, an Asset Management Company (AMC); thus its asset management business will now also be increased, with diversification in the insurance business.
The legal merger of PICIC, NIB & PCBL took place on 31 December 2007, once all regulatory approvals were in place. NIB Bank is led by Khawaja Iqbal Hassan, supported by four business heads and ten business enabling function heads. The merger has resulted in a vastly expanded network of 240 branches and total assets of around Rs.185 bn . Consequently NIB has the second highest paid up capital of around Rs 28.4 bn and ranks number 7 amongst commercial banks in terms of distribution network. Merger synergies will accrue through lower cost deposits, enhanced customer service delivery channels and overall improved efficiencies. These would provide a competitive edge in the face of increasing competition. Temasek Holdings remains the largest single investor in NIB Bank with a shareholding of 63%.
This merger is one step forward in demolishing the banking sector as envisioned by State Bank of Pakistan and enhancing FDI as per the Government of Pakistan's objectives. The powerful franchise of the three merged entities has now been brought together to form a large and powerful bank. Going forward management is confident that the combined bank will be a top performer delivering a wide range of financial services through an extensive branch network. The asset management arms and insurance affiliate are also expected to perform well and provide an attractive dividend stream.

 

[larue]

I very gong, no understand.

Does Temasek manage CPF funds or Singapore's foreign reserves?

Temasek does not manage any CPF funds - these are managed by the Board of the Central Provident Fund, nor does it manage Singapore’s Official Foreign Reserves, which are managed by the Monetary Authority of Singapore.

That makes me feel good, I thought they take our cpf money throw around! But ah, I not able to find where Board of the Central Provident Fund puts the CPF $.

Anybody know?

 

[tonychat]

hi there


1. tony, i have to agree with you on this one!
2. aiyoh! anything butchman touches sure kena jinnx leh.
3. she is literally a curse!
4. get it out.

what to do when the whole bunch of sinkie are coward ball-less freaks. The more coward you are, the more losses you hit it upon yourself.

I will wait for the day when your reserve are empty, cpf empty, then i come and laugh at you coward bunch.

Being a coward will jinx yourself, deny yourself any fortune. That is the fact. You live among these type of people, you will get polluted too. so stay away , be wise.. let them sink in their own coward sinkie shit.

 

[tonychat]

I very gong, no understand.

Does Temasek manage CPF funds or Singapore's foreign reserves?

Temasek does not manage any CPF funds - these are managed by the Board of the Central Provident Fund, nor does it manage Singapore’s Official Foreign Reserves, which are managed by the Monetary Authority of Singapore.

That makes me feel good, I thought they take our cpf money throw around! But ah, I not able to find where Board of the Central Provident Fund puts the CPF $.

Anybody know?

when you lead a whole bunch to protest on the streets and throw those mother fuckers out, the truth will be revealed.

 

[streetsmart73]

what to do when the whole bunch of sinkie are coward ball-less freaks. The more coward you are, the more losses you hit it upon yourself.

I will wait for the day when your reserve are empty, cpf empty, then i come and laugh at you coward bunch.

Being a coward will jinx yourself, deny yourself any fortune. That is the fact. You live among these type of people, you will get polluted too. so stay away , be wise.. let them sink in their own coward sinkie shit.

hi there


1. tony, my choice: java, indon & queensland, down under!
2. in progress too.

 

[tonychat]

hi there


1. tony, my choice: java, indon & queensland, down under!
2. in progress too.

nice to know that you are unsinkifing yourself..This unsinkification will blessed your future generation immensely.

which means your children will not grow up to be a lowlife coward like the rest of the population in sinkieland.

good luck

 

[Capano2121]

Doesn't this tell you that they are just a bunch of predator wannabe who don't know how to manage a business! Since owning more than 80% of the shares, they could just change the whole damn management system and try to resuscitate the joint to at least breakeven instead of adopting "quit while you still can" & not "quit while you are still ahead". A corporate predator knows to hunt down good investments & reap profit from and realising after they have step in that it was a lemon, corporate predators still will find ways to tear the joint apart & maximise their return or minimise their losses. This mega slut only knows how to buy it high lot stock & barrel & sell it low lot stock & barrel, must be the lao cheebye got the sucking cunt that pinky really likes is it?

 

[Loofydralb]

LHL is truly a wimp.

The wife cannot perform, screws up perennially, drags his name through dirt but still dare not remove her.

Maybe there is some truth when some say its ho jinx that wears the pants in their house.

 

[rusty]

LHL is truly a wimp.

The wife cannot perform, screws up perennially, drags his name through dirt but still dare not remove her.

Maybe there is some truth when some say its ho jinx that wears the pants in their house.

and LHL wears Gic string?

 

[Narong Wongwan]

She got the opposite of ther midas touch.....touch what die what....

 

[GoldenDragon]

She got the opposite of ther midas touch.....touch what die what....

Suay chee?

 

[Cruxx]

This ho is just carrying the mantle of the Suzhou extraordinaire. Everything they touched turned into mold.

 

[niwdee]

Seems like anything to do with Sinkieland we have a stigma that we are easy meat.
Like a nation well known as prostitutes more famous than Tonychat's Thailand.

All Foreigners will know that Sinkie are welcoming to be Ass raped.
Be it Work, business or diplomacy, once the foreigner hear that sinkie is
in the field, like a Lion, they will surely target Sinkies first.