KARACHI:
Fed up with mounting losses at its only major investment in Pakistan, the Singapore-based Temasek Holdings is selling off its stake in NIB Bank and is reportedly in talks with the Industrial and Commercial Bank of China, sources told The Express Tribune.
Senior management officials at NIB Bank were so tight-lipped about the transaction that, not only did they refuse to discuss the matter, but they even refused to go on the record as having said that they have no comment. Neither the ICBC not Temasek Holdings were available for comment, despite repeated attempts to contact them by The Express Tribune….
Temasek certainly has reason to be unhappy. The Singaporean state-owned institutional investor has ploughed about $540 million into NIB Bank and has thus far seen the bank make close to $400 million in losses. At the close of trading on Wednesday, NIB Bank had a total market capitalisation of approximately $154 million, which values Temasek’s 74% holding (through its subsidiary Bugis Investments) at $114 million….
The above are the starting paragraph of an article titled, ‘Cut your losses: Temasek may be selling off NIB to China Bank’ by Farooq Tirmizi in The Express Tribune.
I could sense a little sarcasm and sneering by the author that Temasek is making such a huge loss. But smug not, for Farooq did not know how big is Temasek’s portfolio and this loss is just a pittance compared to all the big gains it is making elsewhere. I bet in the next annual report Temasek will announced another scintillating result with profits in hundreds of millions, after minus this small loss. For every loss of a few hundred millions, it will be covered by gains of many hundred millions. That is how good the track record of Temasek.
Our reserves are in good hands with the best money can buy managing them.
11 comments:
Why is Temasek's losses and cock-ups so important to us little sinkies ? Is Temasek a public listed company ? Does it have accountability towards its share holders? If you say "yes" ... then what is the avenue for feed back and recourse for action ? There is none . Temasek is merely a vehicle of the all mighty pappy to wash and slosh money which we little sinkies have no business in getting a say anyway. It's a phantom limb ... we feel the pain or we have a perception of pain because it used to be and I stress "used to be" our money donkey years again... NOT ANYMORE ! So wake up , KPKB oso no use , why should I care anymore if Temasek makes another dud investment ? For all I know, it could just be a front to siphon money to some other dark corner ( can pronouce the name 阿扁 ？ ）and it's not something any sinkie can do anything about 。 Just treat Temasek has a lost cause, I'd feel better if Temasek goes truely and totally bankrupt, seriously. Please carry on sinking Temasek - > Matilah !
Why is Temasek's losses and cock-ups so important to us little sinkies ? Is Temasek a public listed company ? Does it have accountability towards its share holders? If you say "yes" ... then what is the avenue for feed back and recourse for action ? There is none . Temasek is merely a vehicle of the all mighty pappy to wash and slosh money which we little sinkies have no business in getting a say anyway. It's a phantom limb ... we feel the pain or we have a perception of pain because it used to be and I stress "used to be" our money donkey years again... NOT ANYMORE ! So wake up , KPKB oso no use , why should I care anymore if Temasek makes another dud investment ? For all I know, it could just be a front to siphon money to some other dark corner ( can pronouce the name 阿扁 ？ ）and it's not something any sinkie can do anything about 。 Just treat Temasek has a lost cause, I'd feel better if Temasek goes truely and totally bankrupt, seriously. Please carry on sinking Temasek - > Matilah !
Sorry , dunno why double post, blog site owner has my permission to remove the extra one. Prease horr... dun say kenna censored by RB, okay ? kekekek
Both the Post and the First Two Comments are succinctly and excellently written.
patriot
Can't be helped. This happens to everyone who has invested -- financially or existentially. Aka "buyer's remorse".
You commit resources to some enterprise with calculated expectations of reaping benefits greater than your initial input. The "enterprise" can be relationships, new job, new lifestyle choice, or financial assets.
Then after some time you realise: the benefits expected just didn't happen. What you put in is now worth less.
E. G. You trusted the bitch, but she fucked your best friend. All the effort, time and energy spent on the relationships with you and your best friend and you and your whore-ex-girlfriend have significantly diminished in value.
Same with Temasek and NIB. Temasek invested in the wrong bitch.
M_S, I'd go further stating the obvious. It's not just Temasek betting on the wrong bitch, that I understand since it's their track record all along. Sinkies placed their hope on a good and just government so We trusted pappy with our blood money and we were phucked royally. Probably better if we were raped against our will like a Junta or something, but no , we opened our legs begrudgedly but still allow ourselves to be squeezed to death .
KNN, don't ever say you don't want to know Temasek makes or loses money. All Singaporeans must pray to all their gods that Temasek makes a lot of money. If not, you will forever be looking and smiling at your CPF statements.
Strangely, most Sinkies are still of the 'ignorance is bliss' variety, so they will continue to smile at their CPF statements every year.
But better hope Temasek does not continue to lose money, otherwise more pain will befall CPF members. From, my money is my money to, your money is my money.
@anon 2:47 ; Anon 3:309. 奉劝您佬：Want to take out your CPF in your lifetime? dan gu gu lah . Prease Wake the Phuck Up.. Can??
I don't have to wake the phuck up. I already took out my lump sum CPF 12 years ago and sleeping warmly on it. Really just enjoying my 'song gu gu money lah'.
Anon 3.09
Anon 3:09 , you are very lucky. You deserve it. Many sinkies after you similarly dun deserve to be phucked by their master pappy. I am sure you agree , no?
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