Why are they investing in the same company and incurring unnecessary costs?
<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>October 27, 2009, 1.45 pm (Singapore time)
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Update: Temasek, GIC cut stakes in India's ICICI
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MUMBAI/SINGAPORE - Singapore investor Temasek has cut its stake in ICICI, India's second-biggest lender, to 5.76 per cent as of Sept 30 from 7.6 per cent at the end of June, Bombay Stock Exchange data showed.
The Government of Singapore Investment Corp, the city-state's bigger fund, also trimmed its stake in ICICI to 1.53 per cent at the end of September from 1.66 per cent at the end of June, the data showed.
Temasek said in a statement in Singapore that any stake sales are part of regular moves to review and rebalance its portfolio. GIC declined to comment.
'We're optimistic about the long term growth potential of Asia, including India, and we'll continue to build on our investments and portfolio in the region,' said Manish Kejriwal, senior managing director and country head for India at Temasek.
Temasek has been pruning its stakes in financials after it got burnt from investments in Merrill Lynch and Barclays last year. It sold its stakes in the two Western banks at an estimated loss of US$4 billion in its last financial year that ended in March.
ICICI shares were down 0.5 per cent at 0455 GMT, in line with the broader Indian market. Its shares have more than doubled this year. -- REUTERS
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<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>October 27, 2009, 1.45 pm (Singapore time)
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Update: Temasek, GIC cut stakes in India's ICICI
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<SCRIPT type=text/javascript src="http://s7.addthis.com/js/250/addthis_widget.js#pub=xa-4ae026ba0e05c08d"></SCRIPT><SCRIPT type=text/javascript> var addthis_config = { username: "xa-4ae026ba0e05c08d", services_compact: 'facebook, twitter, favorites, myspace, google, digg, live, delicious, stumbleupon, more', services_exclude: 'print', data_use_flash: false } </SCRIPT> <!-- AddThis Button END --></TD></TR></TBODY></TABLE>MUMBAI/SINGAPORE - Singapore investor Temasek has cut its stake in ICICI, India's second-biggest lender, to 5.76 per cent as of Sept 30 from 7.6 per cent at the end of June, Bombay Stock Exchange data showed.
The Government of Singapore Investment Corp, the city-state's bigger fund, also trimmed its stake in ICICI to 1.53 per cent at the end of September from 1.66 per cent at the end of June, the data showed.
Temasek said in a statement in Singapore that any stake sales are part of regular moves to review and rebalance its portfolio. GIC declined to comment.
'We're optimistic about the long term growth potential of Asia, including India, and we'll continue to build on our investments and portfolio in the region,' said Manish Kejriwal, senior managing director and country head for India at Temasek.
Temasek has been pruning its stakes in financials after it got burnt from investments in Merrill Lynch and Barclays last year. It sold its stakes in the two Western banks at an estimated loss of US$4 billion in its last financial year that ended in March.
ICICI shares were down 0.5 per cent at 0455 GMT, in line with the broader Indian market. Its shares have more than doubled this year. -- REUTERS
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