Singapore - GIC, Temasek & MAS 02 (Sep 09 - Jul 11)

[millionairemind]

Published November 10, 2009

Temasek among bidders for AXA stake

The stake in Taikang has been valued at over US$1b: sources

(HONG KONG) French insurer AXA's 15.6 per cent stake in China's No 4 life insurer, Taikang, has attracted foreign and domestic bidders, including Singapore's Temasek Holdings and Blackstone, valuing the holding at more than US$1 billion, sources told Reuters yesterday.

Other bidders included Bain Capital, KKR and two Chinese private equity firms, Hopu Investments and Hony Capital, according to sources with direct knowledge of the situation.

All bids were received by last Friday's first-round deadline. Sources previously told Reuters that Morgan Stanley was the sell-side adviser for the auction.

Last month, Morgan Stanley sent Taikang's book and bidding invitations to more than 30 private equity firms, while some, for example the Carlyle Group, decided to walk away, according to the sources.

'The reaction is bigger than AXA expected,' said one source. 'When water rises, the boat rises with it. So the bidding price is also getting higher than expected now,' he said.

AXA's efforts to sell off its stake in Beijing-based Taikang came as Europe's second-largest insurer announced plans to buy the Asian assets of its AXA Asia-Pacific unit and raise two billion euros (S$4.15 billion) to pursue growth in the region.

AXA inherited the stake in Taikang in 2006 when it agreed to buy Swiss insurance company Winterthur. AXA had at one time valued Taikang at around US$100 million, one of the sources said.

In China, AXA also has AXA-Minmetals Assurance Co Ltd, a 51-49 joint venture between AXA Group and state-owned China Minmetals Group, which has no relation to Taikang, and AXA plans to invest more in AXA-Minmetals to expand its insurance coverage to more Chinese cities, said the sources.

Morgan Stanley, Blackstone, KKR, Bain, Temasek and Hopu declined to comment. Hony and AXA could not be immediately reached for comment.

Foreign private equity funds have previously made forays into China's insurance business.

In 2005, a Carlyle-led consortium bought a 25 per cent stake in China Pacific, the country's No 3 life insurer, for US$409 million.

Shanghai-listed China Pacific is preparing a Hong Kong listing this year, allowing Carlyle to exit from its investment. Taikang has also said that it plans to go public, without giving a specific timeframe.

Blackstone's Greater China chairman Antony Leung is leading the team bidding for the AXA stake, said the sources.

Mr Leung helped Singapore's DBS Group Holdings Ltd bid for control of China's Guangdong Development Bank in 2005, a US$3.1 billion deal eventually won by Citigroup Inc, the sources said.

Hopu is an influential China-focused private equity firm run by top deal-maker Fang Fenglei, who helped Wall Street bank Goldman Sachs set up its landmark China investment banking joint venture. Hopu's main investors include Temasek and Goldman Sachs.

Hony is an investment arm of China's top PC maker, Legend Holdings, whose listed arm is Lenovo Group Ltd. -- Reuters

[kennynah]

buy, sell, buy, sell... wah...quite a trader aren't they? commission-free, also not like that lah...

[millionairemind]

Nov 13, 2009
GIC buys Hyatt Hotels shares

SINGAPORE - THE Government of Singapore Investment Corp (GIC) said it has bought 3 million 'Class A' shares of Hyatt Hotels Corp, which raised $950 million this month in an initial public offering.

In a regulatory filing to the U.S. Securities and Exchange Commission, GIC said the purchase represented a 6.9 per cent passive stake in Hyatt.

Hyatt Hotels sold 38 million shares at $25 per share in its IPO, with the proceeds going to the Pritzker family which controls the company.

GIC, which is the bigger of Singapore's two sovereign wealth funds, has become more active in capital markets in the past few months after turning cautious last year when it lost money in financials such as UBS .

It has also invested in Chinese property developer Longfor Properties' $912 million IPO, which priced on Thursday. -- REUTERS

[kennynah]

bruce lee used to like this hotel....

"haiiiiii....yyyaaaaatttttttttt"

[millionairemind]

bruce lee used to like this hotel....

"haiiiiii....yyyaaaaatttttttttt"

[millionairemind]

November 17, 2009, 6.14 am (Singapore time)

Temasek sells US$500m bonds: source

NEW YORK - Singapore investor Temasek Holdings Pte Ltd on Monday sold US$500 million of 30-year bonds, a market source said.

The 5.375 per cent bonds due 2039 were priced at a yield spread of 115 basis points over comparable US Treasuries, said the source.

Deutsche Bank, Goldman Sachs and Morgan Stanley were joint lead managers on the deal.

The notes carry a Triple A rating from Moody's Investors Service and Standard & Poor's. -- REUTERS

[kennynah]

why do they do that... need money to upgrade the old fleet of cars to latest marceelee models?

[millionairemind]

Nov 18, 2009
GIC buys 4.4m Shanda shares

THE Government of Singapore Investment Corp has bought 4.4 million US shares of China videogames company Shanda Games, GIC said.

The investment represents 5.4 per cent of Shanda Games' American Depositary Shares, according to a GIC filing with the US Securities and Exchange Commission. -- REUTERS

[kennynah]

eh..i am just wondering...is this dhanabehlan still chairman of temasek or GIC ? or he is OUT ?

[millionairemind]

eh..i am just wondering...is this dhanabehlan still chairman of temasek or GIC ? or he is OUT ?

Still the chairman of Temasek. And HC is still the CEO