Just read online that Temasek has sold its 13.7b percent BOA stake during 1Q 09.
Reuters cited a source briefed on the deal saying that the shares were sold for between US$2.53 and US$14.81 in the first quarter.
Based on a Reuters calculation which assumed an average price of US$8.67, Temasek may have suffered a loss of about US$4.26 billion.
SIGH
I thought the banks bought in were supposed to be for long term? 2007 till now is barely 2 years, "long term" is defined like this?
SIGH
They better have a good reason to realise the loss at the worst possible time. US$4.26b is not a small sum, considering Temasek can even buy 100% of SPH for S$4.26b.
SIGH
Portfolio balancing is definitely not the best reason to sell. More news on this will definitely follow.
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