Isnt it Ironical yet again : Temasek to invest up to $300 million in China AgBank

[Watchman]

Temasek to invest up to $300 million in China AgBank IPO: source

13. Jun, 2010

agricultural bank of china

Temasek to invest up to $300 million in China AgBank IPO: sourceAccording to Reuters, “Singapore’s state investment fund Temasek plans to invest up to $300 million in the Agricultural Bank of China, ahead of its roughly $20 billion IPO, a source with direct knowledge of the matter said on Saturday. Temasek’s commitment to China’s third largest bank is a positive step for the offering, though it is less than the $1 billion that AgBank’s underwriters are hoping to get from Middle East and Asian sovereign wealth fund cornerstone investors.
So-called cornerstone investors are a key layer of financial backing for an IPO. AgBank’s Shanghai-Hong Kong listing will be the world’s largest ever IPO if it exceeds $21.9 billion. Temasek declined to comment. AgBank could not immediately be reached. The source was not authorized to speak on the record about the deal.
Reuters earlier reported that Temasek, and sovereign funds from Kuwait and Qatar were expected to sign on to AgBank’s offering.
The Beijing-based bank, founded in 1951 by Mao Zedong as the rural unit of the central bank, is still known a customer base spread across China’s far-flung parts, though it does a have a major presence of most of the country’s major cities.”

Read more: Reuters

Central Huijin, part of the China Investment Corporation has a large stake in the Agricultural Bank of China.

Learn more about past direct SWF transactions: Sovereign Wealth Fund Transaction Database (SWFTD).

 

[Watchman]

BEIJING, June 29 (Xinhua) --
Chinese shares plummeted 4.27 percent to a 14-month low Tuesday on concerns capital will flow to the initial public offering of the Agricultural Bank of China (ABC).
The Agricultural Bank of China said late Monday it will offer 59.51 billion shares in Shanghai at between 2.52 and 2.68 yuan (0.37 to 0.39 U.S. dollars).
The IPO will raise up to 23.2 billion U.S. dollars,
making it the world's largest listing ever.
The Shanghai Composite Index lost 4.27 percent, or 108.23 points, to end at 2,427.05 points, the lowest since April 2009.
The Shenzhen Stock Index dropped 5.03 percent, or 503.15 points, to 9,508.91 points.
Total turnover hit 136.68 billion yuan, up from 90.85 billion yuan the previous trading day.
Losers outnumbered gainers by 854 to 14 in Shanghai and 950 to 20 in Shenzhen.

LoL I was waiting for this to happen .

 

[Baroko]

Marie HC Antoinette is burning our money again!