Date: Wed, 03 Jun 2009 13:18:43 GMT
Local: Wed, Jun 3 2009 9:18 pm
Subject: Temasek sold Barclays at a LOST
This is shocking.
The Arabs make $billions investing in Barclays. They hold on
until the market recover and take they well earned profit.
On the other hand our "brilliant" scholars at Temasek have
no lumpar and liquidated Barclays around the bottom of the
market resulting in a huge LOST.
Yet the pap multi$million nincompoops are still saying that
they are doing a good job looking after our wealth.
Singaporeans when are u going to take actions against these
bunch of pap LOSERS ?
Wed, Jun 03, 2009
LONDON, ENGLAND - Singapore state investor Temasek sold its stake in
British bank Barclays Plc several months ago at a big loss, people familiar
with the matter said on Wednesday.
After spending over 1 billion pounds on the shares in the last two
years, unlisted Temasek may have lost over $1.89 billion (800 million
pounds) on the investment, according to calculations by Reuters.
Temasek's sale of shares in Britain's second-biggest bank at a loss is
in sharp contrast to Abu Dhabi which sold more than 11 per cent of the
bank's shares on Tuesday, making a US$2.5 billion profit from its investment
in just seven months.
Temasek sold its near 2 percent stake in Britain's second biggest bank
in December and January, one of the sources said. The sources declined to be
named due to the confidential nature of the investment.
Temasek and Barclays declined to comment, and details of the price it
sold at were not known.
By 0915 GMT Barclays shares were down 4.9 percent at 260 pence, with
the European bank sector down 2 percent.
Temasek paid 975 million pounds buying Barclays shares at 720 pence
apiece in July 2007. It pledged to spend up to 200 million pounds last July
to buy more shares at 282p each as part of bigger fundraising, but it never
disclosed how many it bought. It would have spent about 90 million pounds to
maintain its holding at around 2 per cent, giving it 167 million shares.
Only investors with more than 3 per cent need to disclose changes in
Barclays shares traded between 136p and 167.8p in December and between
47.3p and 190.6p in January, when the shares crashed to a 24-year low on
fears Britain's government would need to inject funds to boost its capital.
The weighted average for the shares was 148p in December and 105p in
Based on the average of those prices, Temasek would have lost about
850 million pounds ($1.89 billion) on its investment.
Barclays shares have soared more than five-fold from its January low
after Britain's regulator said its capital was adequate and business and
sentiment across the sector improved.
Temasek owns stakes in a number of financial firms, and losses in
several of them last year hit the value of its portfolio.
It invested over US$5 billion in Merrill Lynch in late 2007 and took a
hit of at least US$3 billion when it sold its stake in Merrill's new parent
Bank of America in the first quarter.
It still holds large stakes in banks such as DBS, Standard Chartered
and India's ICICI.