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Singapore’s Temasek Sells Entire Stake in Bank of America
- Thread starter R4g3
- Start date
So this is the "Long Term" investment they are talking about?
101% confirm plus chop that Singapore Temasek losses at least USD$3 to $4 billion dollars.
Be prepared for increasing taxes or GST or any other means to retrieve revenues from Singaporeans to top up the stupid losses that they(Ho Ching) made!
So this is the "Long Term" investment they are talking about?
If they are selling, obviously not a "Long Term" investment :p
So is this considered a loss or is this some secret transaction which we will never know the details of....
PAP still have to cheek to tell Singaporeans that Opposition members will squander the National Reserve to help poor Singaporeans whereas Ho Ching has the cheek to squander the national reserve on risky and questionable investments like ABC learning centres, Shin Corp, Citibank etc.
The labour man, with the bad haido, just gave her a LABOUR award on Labour Day..what squander!, one the rarest 'gem' to be found in the universe, papa-in-law...says.."one of a kind"...
UNIQUELY SINGAPORE
SINGAPORE (Dow Jones)--Temasek Holdings (Private) Ltd. sold its entire 3.8% stake in Bank of America Corp. (BAC) as of March 31, according to a quarterly report filed with the U.S. Securities and Exchange Commission.
A Temasek spokeswoman confirmed the Bank of America divestment, but didn''t elaborate.
A person familiar with the situation told Dow Jones Newswires that the stake was sold in portions.
Temasek bought about 9% of Merrill in December 2007 for $5 billion, or $48 a share, and got an additional $2.5 billion Merrill shares in July, 2008. Those shares were later converted into Bank of America shares.
Shares of Bank of America traded between $2.53 and $14.81 between Jan. 1 and March 31. They closed at $11.31 Thursday.
Bank Of America completed the Merrill Lynch purchase on Jan. 1. Under the terms of the acquisition, Temasek received 0.8595 Bank of America common share for one Merrill share, which amounted to 189 million Bank of America shares
A person familiar with the situation said in early January that Temasek had no plans to sell the Bank of America shares "anytime soon," adding that Temasek expected banking shares in the U.S. to eventually recover.
According to the same SEC filing, Temasek also sold ICICI Bank Inc. (532174.BY) American depositary receipts.
It held 3.6 million ADRs in December, according to a previous SEC filing for the quarter ended Dec. 31.
-By Patricia Kowsmann and P.R. Venkat, Dow Jones Newswires; 65 6415 4157; [email protected]
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Alamak, I think another big loss again!
A Temasek spokeswoman confirmed the Bank of America divestment, but didn''t elaborate.
A person familiar with the situation told Dow Jones Newswires that the stake was sold in portions.
Temasek bought about 9% of Merrill in December 2007 for $5 billion, or $48 a share, and got an additional $2.5 billion Merrill shares in July, 2008. Those shares were later converted into Bank of America shares.
Shares of Bank of America traded between $2.53 and $14.81 between Jan. 1 and March 31. They closed at $11.31 Thursday.
Bank Of America completed the Merrill Lynch purchase on Jan. 1. Under the terms of the acquisition, Temasek received 0.8595 Bank of America common share for one Merrill share, which amounted to 189 million Bank of America shares
A person familiar with the situation said in early January that Temasek had no plans to sell the Bank of America shares "anytime soon," adding that Temasek expected banking shares in the U.S. to eventually recover.
According to the same SEC filing, Temasek also sold ICICI Bank Inc. (532174.BY) American depositary receipts.
It held 3.6 million ADRs in December, according to a previous SEC filing for the quarter ended Dec. 31.
-By Patricia Kowsmann and P.R. Venkat, Dow Jones Newswires; 65 6415 4157; [email protected]
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Alamak, I think another big loss again!
So this is the "Long Term" investment they are talking about?
Here say "Long Term", there Hojinx run road.
They think we all have an IQ of 30.
According to Dow Jones Newswires:(Patricia Kowsmann and P.R. Venkat, Dow Jones Newswires; 65 6415 4157; [email protected])
Dec’07 : Temasek bought approx. 9% x Merrill @ $48/share (Total: $5bil).
Jul’08 : Temasek bought ?% x Merrill @ $?/share (Total: $2.5bil).
Total Spent = $5bil + $2.5bil = $7.5bil
Average Price/Share = $34
(from working backwards, Temasek was holding approx. 220mil x Merrill share BEFORE conversion to BOA share.)
Bank of America (BOA) completed Merrill Lynch purchase on 1 Jan’09.
Temasek’s Merrill shares were converted into BOA shares.
Terms of acquisition, conversion of Merrill shares to BOA shares:
1 Merrill share = 0.8595 BOA common share
No. of BOA shares then held by Temasek = 189mil
Shares of Bank of America traded between $2.53 and $14.81 between Jan. 1 and March 31. They closed at $11.31 Thursday.
Assuming Average Price/Share Sold = $11/Share,
Total Proceeds = 189mil Shares x $11/Share = $2bil
Profit/Loss = $2bil (In) - $7.5bil (Out) = -$5.5bil (Loss)
(IF the 189mil BOA shares were sold @ $14.81/Share, Loss would be $4.7bil.)
---
According to BLOOMBERG Press:
(Chen Shiyin and Miles Weiss)
Temasek bought 14% x Merril @ $?/Share (Total: $5.9bil)
Assuming Proceeds from Sale of BOA Share = $2bil,
Profit/Loss = $2bil (In) - $5.9bil (Out) = -$3.9bil (Loss)
IF Proceeds from Sale of BOA Share = $2.8bil (@ $14.81/share),
Profit/Loss = $2.8bil (In) - $5.9bil (Out) = -$3.1bil (Loss)---
We are looking at loss of between $3.1bil to $5.5bil, just extrapolating on these 2 news articles.
Dec’07 : Temasek bought approx. 9% x Merrill @ $48/share (Total: $5bil).
Jul’08 : Temasek bought ?% x Merrill @ $?/share (Total: $2.5bil).
Total Spent = $5bil + $2.5bil = $7.5bil
Average Price/Share = $34
(from working backwards, Temasek was holding approx. 220mil x Merrill share BEFORE conversion to BOA share.)
Bank of America (BOA) completed Merrill Lynch purchase on 1 Jan’09.
Temasek’s Merrill shares were converted into BOA shares.
Terms of acquisition, conversion of Merrill shares to BOA shares:
1 Merrill share = 0.8595 BOA common share
No. of BOA shares then held by Temasek = 189mil
Shares of Bank of America traded between $2.53 and $14.81 between Jan. 1 and March 31. They closed at $11.31 Thursday.
Assuming Average Price/Share Sold = $11/Share,
Total Proceeds = 189mil Shares x $11/Share = $2bil
Profit/Loss = $2bil (In) - $7.5bil (Out) = -$5.5bil (Loss)
(IF the 189mil BOA shares were sold @ $14.81/Share, Loss would be $4.7bil.)
---
According to BLOOMBERG Press:
(Chen Shiyin and Miles Weiss)
Temasek bought 14% x Merril @ $?/Share (Total: $5.9bil)
Assuming Proceeds from Sale of BOA Share = $2bil,
Profit/Loss = $2bil (In) - $5.9bil (Out) = -$3.9bil (Loss)
IF Proceeds from Sale of BOA Share = $2.8bil (@ $14.81/share),
Profit/Loss = $2.8bil (In) - $5.9bil (Out) = -$3.1bil (Loss)---
We are looking at loss of between $3.1bil to $5.5bil, just extrapolating on these 2 news articles.
Singapore’s Temasek Sells Stake in Bank of America
By Chen Shiyin
May 15 (Bloomberg) -- Temasek Holdings Pte, a Singapore state-owned investment company that bought stakes in Merrill Lynch & Co. and Barclays Plc amid the global financial crisis, sold its stake in Bank of America Corp.
Temasek received shares in Bank of America after the biggest U.S. bank by assets bought Merrill Lynch this year. The investment company had paid about $5.9 billion for a 14 percent stake in Merrill Lynch since December 2007, which was converted into Bank of America stock following the completion of the acquisition.
“We have divested our shares in Bank of America,” Temasek said in an e-mailed response to Bloomberg News queries. The company declined to say how much it sold the stake for or when the sale was conducted.
Temasek had 31 percent wiped from the value of its global portfolio in the eight months through November amid the slump in financial markets. The company had sold assets including power generators and Singapore Food Industries Ltd. over the past year while increasing its investments in companies such as CapitaLand Ltd. and DBS Group Holdings Ltd. through rights offers.
A Form 13F filing to the U.S. Securities and Exchange Commission indicates that Temasek no longer held shares in Bank of America or Merrill Lynch as of March 31.
Bank of America rose 2.7 percent to $11.31 in New York trading yesterday. The shares have tumbled 69 percent in the past year, outpacing the 36 percent decline in the Standard & Poor’s 500 Index.
Temasek will cut its holdings in the Organization for Economic Cooperation and Development countries to 20 percent as it expands in Asia and emerging markets from Latin America to Africa, Chief Executive Officer Ho Ching said according to a speech posted on Temasek’s Web site yesterday.
The investment company had earlier said the more developed OECD countries will make up about a third of its investment portfolio.
__________________________________________________ _________________________
Now that Ho Jinx has sold off BOA shares, I think it's an opportune time to invest in BOA.
By Chen Shiyin
May 15 (Bloomberg) -- Temasek Holdings Pte, a Singapore state-owned investment company that bought stakes in Merrill Lynch & Co. and Barclays Plc amid the global financial crisis, sold its stake in Bank of America Corp.
Temasek received shares in Bank of America after the biggest U.S. bank by assets bought Merrill Lynch this year. The investment company had paid about $5.9 billion for a 14 percent stake in Merrill Lynch since December 2007, which was converted into Bank of America stock following the completion of the acquisition.
“We have divested our shares in Bank of America,” Temasek said in an e-mailed response to Bloomberg News queries. The company declined to say how much it sold the stake for or when the sale was conducted.
Temasek had 31 percent wiped from the value of its global portfolio in the eight months through November amid the slump in financial markets. The company had sold assets including power generators and Singapore Food Industries Ltd. over the past year while increasing its investments in companies such as CapitaLand Ltd. and DBS Group Holdings Ltd. through rights offers.
A Form 13F filing to the U.S. Securities and Exchange Commission indicates that Temasek no longer held shares in Bank of America or Merrill Lynch as of March 31.
Bank of America rose 2.7 percent to $11.31 in New York trading yesterday. The shares have tumbled 69 percent in the past year, outpacing the 36 percent decline in the Standard & Poor’s 500 Index.
Temasek will cut its holdings in the Organization for Economic Cooperation and Development countries to 20 percent as it expands in Asia and emerging markets from Latin America to Africa, Chief Executive Officer Ho Ching said according to a speech posted on Temasek’s Web site yesterday.
The investment company had earlier said the more developed OECD countries will make up about a third of its investment portfolio.
__________________________________________________ _________________________
Now that Ho Jinx has sold off BOA shares, I think it's an opportune time to invest in BOA.
ho ching and her elite cronies are such loser.
never pay hdb fee, you get threaten to be kick out, lost billions and you get an award.
MM Lee explains Singapore’s long-term investment horizon
February 7, 2009 by Daniel Ling
Filed under News
Leave a comment
Photos 1 of 1
Minister Mentor Lee Kuan Yew
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MM Lee explains Singapore’s long-term investment horizon
SINGAPORE : Singapore’s Minister Mentor Lee Kuan Yew has said the country has over S$100 billion in reserves today, unlike the 1960s when the country first gained independence.
But the Republic has not relied on borrowing to fund its investments.
Mr Lee said: “Within three to four years, the economy must recover.”
The minister mentor gave his forecast on the economy to 1,500 of his Tanjong Pagar constituents at a Lunar New Year dinner on Friday.
He said that the Singapore government turned many of its stocks and shares into cash early last year before prices went down. That was why the country was able to invest in the American banks.
Mr Lee explained: “When we invest, we are investing for 10, 15, 20 years. You may look as if you are making a big loss today, but you have not borrowed money to invest. You will ride the storm, the company recovers, your shares go up.”
But he said that Singapore is not a master of its own economy.
He said: “Of all the economies in the world, we have the highest percentage of external trade - three and a quarter times our GDP. No other country has got that size of external trade. So when the external trade shrinks, remember it is going to hurt us.”
Still, Mr Lee is confident Singapore will recover from the current downturn, due to various reasons like good labour relations and pro-investment climate in the country. But he said that giving handouts will not help boost spending and the economy.
“So those MPs who say, ‘Give S$300 to every citizen and we will boost the retailers’, they just do not understand the bigger picture. You give S$300 like that and it is gone in a shot, and all the things that they will buy, three-quarters of it are imported,” he said.
Mr Lee added that, with luck, America’s economy may recover by the end of this year or early 2010. He said the outcome of President Barack Obama’s economic plans is expected in nine months. And by then, the Singapore government may have to update its record S$20.6 billion national budget.
Source: CNA/ms
February 7, 2009 by Daniel Ling
Filed under News
Leave a comment
Photos 1 of 1
Minister Mentor Lee Kuan Yew
Related Videos
MM Lee explains Singapore’s long-term investment horizon
SINGAPORE : Singapore’s Minister Mentor Lee Kuan Yew has said the country has over S$100 billion in reserves today, unlike the 1960s when the country first gained independence.
But the Republic has not relied on borrowing to fund its investments.
Mr Lee said: “Within three to four years, the economy must recover.”
The minister mentor gave his forecast on the economy to 1,500 of his Tanjong Pagar constituents at a Lunar New Year dinner on Friday.
He said that the Singapore government turned many of its stocks and shares into cash early last year before prices went down. That was why the country was able to invest in the American banks.
Mr Lee explained: “When we invest, we are investing for 10, 15, 20 years. You may look as if you are making a big loss today, but you have not borrowed money to invest. You will ride the storm, the company recovers, your shares go up.”
But he said that Singapore is not a master of its own economy.
He said: “Of all the economies in the world, we have the highest percentage of external trade - three and a quarter times our GDP. No other country has got that size of external trade. So when the external trade shrinks, remember it is going to hurt us.”
Still, Mr Lee is confident Singapore will recover from the current downturn, due to various reasons like good labour relations and pro-investment climate in the country. But he said that giving handouts will not help boost spending and the economy.
“So those MPs who say, ‘Give S$300 to every citizen and we will boost the retailers’, they just do not understand the bigger picture. You give S$300 like that and it is gone in a shot, and all the things that they will buy, three-quarters of it are imported,” he said.
Mr Lee added that, with luck, America’s economy may recover by the end of this year or early 2010. He said the outcome of President Barack Obama’s economic plans is expected in nine months. And by then, the Singapore government may have to update its record S$20.6 billion national budget.
Source: CNA/ms
If he really thinks the American economy will recover, why are they selling at a loss
Re: Singapore’s Temasek Sells Entire Stake in Bank of America
This happens during end of March...
We only get to hear about it during Mid May?
And it was Bloomberg who dug out the news!!
WTF is our CNA, ST, BT, BH, LHZB? Cho Bo Lan?
So this is the "Long Term" investment they are talking about?
This happens during end of March...
We only get to hear about it during Mid May?
And it was Bloomberg who dug out the news!!
WTF is our CNA, ST, BT, BH, LHZB? Cho Bo Lan?
Last edited:
Re: Singapore’s Temasek Sells Entire Stake in Bank of America
Everything also they said! I guess the white scum would get the CEO to say they want a change of direction. The problem with these scum is there are too many of them talking. And talk whatever they want without being penalised
Everything also they said! I guess the white scum would get the CEO to say they want a change of direction. The problem with these scum is there are too many of them talking. And talk whatever they want without being penalised
they wanna try casino b4 opening mah...if not where can get experience....esp not wif their own money hahahahaha
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