Singapore Media Watch

Wednesday, October 18, 2006

Analysis: But who is likely to buy in Shin? - The Nation

18 October 2006

Hard to see who will risk snapping up part of Temasek stake

Temasek Holdings of Singapore is willing to cut its losses and reduce its holding in Shin Corp. But the problem is, who is going to be buyer? "I have heard that Temasek really wants to sell off its stake," said an analyst. "But there is no buyer now in the market. Who really wants to put himself into trouble because of all the legal problems?"

In its statement circulated to the Thai media on Monday, Temasek said it was willing to reduce its shareholding in Shin Corp at the appropriate time and in an appropriate manner in order to ensure an orderly market.

However, it did not address the key question as to whether it had relied on nominees to circumvent Thailand's foreign ownership law in its acquisition of Shin.

Temasek's exposure in Shin turned into a giant mistake following the ousting of Thaksin Shinawatra as prime minister in last month's military coup. There is growing pressure for Temasek to comply with Thai law by reducing its stake to below 50 per cent. It now holds about 96 per cent in Shin Corp from its acquisition of a 49-per-cent stake from the Shinawatra/Damapong families and from a public tender offer. (Read more...)

5 Comments:

  • The Singapore government is rich enough to lose S$800 million dollars in one day, but is too poor to set up a pension fund amounting to no more than S$10 million for our elderly. Instead, Singaporeans are encouraged to work beyond the stipulated retirement age till they step into their graves. It is infuriating to see the corrputed Thaksin enjoying his golden years in London while our elderly continues to worry over mounting healthcare bills and loss of income.

    By Anonymous Anonymous, at 12:43 PM  

  • Don't know much about Thaksin and do not blame him. If I were him and looking purely at the business aspect, I will also sell to temasek.
    The poor elderly in Singapore are ready fucked. Here is a group that SUFFERED through World War2 under the Japs, then helped built Singapore to what it is today. NOW IN THEIR TWILIGHT YEARS, THEY ARE MADE TO SUFFER AGAIN!
    Th eonly thing I remembered is PARLIAMENT making a new LAW 2 years back that allow this group to SUE THEIR CHILDREN for support. Listen, if the children can afford they will support. They are not HEARTLESS like u know who.

    By Anonymous Anonymous, at 4:47 PM  

  • Singapore's reserve has got nothing to do with Singaporeans. The money belongs to PAP and Temasek and is at their disposal.

    Let's look at it this way, will you share your money with some other old folks whom has nothing to do with you. The mentality at work is same in the Gov't.

    Ask people who trades in stock market. They will rather lose thousands than to part with ten dollars to community chest. Among all the traders (or investor as they like to call it), Temasek has to be the best and fearless. Because they always rush into it and then came out with one or two limps missing. Can you not remember the famous Micropolis deal - In this episode, they lose everything including their pants. So what, people involved are still around collecting their big fat pay check.

    By Anonymous Anonymous, at 6:42 PM  

  • Who contributes to Singapore's reserve? Every tax-paying Singaporean citizen like your parents and grandparents who have slogged so far day in and day out over the past few decades.

    A government is not a company. A company is responsible only to its shareholders. Its aim is to increase its profit margin using whatever means it has at its disposal.

    A government is chosen by the people to take care of them. They are the leaders of the citizens. Citizens pin their hopes on a better life on their leaders. Taking care of elderly Singaporeans who has contributed to nation-building is a right and not a privilege.

    By Blogger Sgmediawatch, at 7:09 PM  

  • Just wondering how can Singapore Ministers and top civil servants look at themselves in the mirrors and sleep soundly with all these issues? Perhaps they were given the wrong feed back by "carry-balls' feedback units that everything is hunky dory with the majority. Tsktsktsk!

    By Anonymous Anonymous, at 11:47 PM  

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