Singapore's GIC to convert UBS notes into shares

last SG · 2010-02-17T12:59:50+00:00

same, it is still deduct that charges, buying and selling is your perogatives, they are doing a service to you, dun tell me you dun paid for the servicing?...

Cram SG

SINGAPORE, Feb 11 (Reuters) - Singapore's sovereign wealth fund GIC will convert 11 billion Swiss francs ($10.33 billion) worth of UBS (UBSN.VX) notes into shares on March 5, according to a U.S. regulatory filing, at a price that shows a 70 percent erosion in its investment in the Swiss bank.

GIC [GIC.UL] will convert the notes into 230.7 million ordinary shares of UBS, according to a filing with the U.S. Securities and Exchange Commission.

Based on a Reuters calculation, the assumed conversion price will be 47.7 Swiss francs a share versus UBS's last closing price of 13.67 Swiss francs.

GIC declined to comment.

The filing showed that GIC would have a stake of 6.6 percent in UBS, assuming the notes are converted into shares.

As romanista2001 SG

when UBS send out SOS again in the next crash, GIC will see their share holdings go below 3%..............

and their so called chief strategist is heading another company with 5 Billion...............all thrown into the sea soon..............why haven't they fired that brainless idiot yet ?

let me guess, another of LKY's relatives.................

Rooney9 SG

they invest in these banks in dec 2007 right, start of sub prime crisis. what a marvellous way of investing at the outset of the crisis. who are these people behind the scene assisting the CEO/chairman?

those armed with impressive qualifications such as PHD's from top universities, but lack actual experiences in the field.

alas they dunno who is Dr Doom, or Jim Rogers, who will tell you a thing or two on which industry to invest in.

As romanista2001 SG

Jim Rogers's greatest claim to fame was becoz he was George Soros's partner.................any clown would be successful with Soros becoz he's a trusted agent of the Zionist International Bankers..............heck, when you're a trusted agent, even Ah Meng could be successful..............

Jim Rogers has been bullshitting about China's prospects becoz he's invested there............China will crash big time when markets crash again..............same for Rogers trumpeting about commodities............

there's a very very strong possibility GIC and Temasek bought those shares becoz they were told to do so by the same people that control Soros............

angel7030 SG

this will be a big news before those major losses, now, it is no more a news, we are use to it already, what is 10 billions loss compare to 150 billions loss...GIC is still in good shape..

AH TRUTH SG

this will be a big news before those major losses, now, it is no more a news, we are use to it already, what is 10 billions loss compare to 150 billions loss...GIC is still in good shape..

roll back to your taiwan village, you quitter aka loser

AH TRUTH SG

http://www.temasekreview.com/2010/02/12/ubs-stake-may-be-worth-70-pct-less-as-gic-converts/

AH TRUTH SG

sgd 100k, to some buggers is groundnut

reyes SG

what to do. GIC　ａｒｅ　ｎｏｔ　ａｃｃｏｕｎｔａｂｌｅ　ｔｏ　ａｎｙｂｏｄｙ　ｒｉｇｈｔ？

who is the chairman of GIC? they just accountable to themselve right?

this is also what we call, personal gain, public risk.

likeyou SG

Sorry never really follow about this issue.

In short, means GIC lost money?

Can someone explain in summary?

Thks Bro and Sis.

angel7030 SG

if you want short, i go ask Bro Short Ninja or Shorty Mah to come. Wait

Annilator47 SG

what to do. GIC　ａｒｅ　ｎｏｔ　ａｃｃｏｕｎｔａｂｌｅ　ｔｏ　ａｎｙｂｏｄｙ　ｒｉｇｈｔ？

who is the chairman of GIC? they just accountable to themselve right?

this is also what we call, personal gain, public risk.

chairman of GIC is LKY i think

As romanista2001 SG

chairman of GIC is LKY i think

aiyah.........Temasek and GIC virtually belong to LKY, that's why no need to account to nobody.............so what if they go flat broke, LKY don't give a damn.............

BUT CONSIDER THIS....................if ''someone'' were to set up an off-shore company managing the total funds of GIC and Temasek.............charging management fees and performance fees..................can you imagine how much money this ''someone'' would be making.................this ''someone' will be making money from management fees even if GIC and Temasek lose money...............

just like the NKF fiasco, with NKF top dogs setting up another company to make money out of NKF.................

likeyou SG

if you want short, i go ask Bro Short Ninja or Shorty Mah to come. Wait

Ok I wait.

Wmyongj SG

Give me a break you stupid SINGAPOREAN! if this investment is done by the PRC they will break the contract, go to court or engage mafia to get out of it!! ONLY WE the mother of all stupid ppl will covert the loan to share. Why cant we ask for the money back when it is still a LOAN!!!!!!!!!!!!!!!

Maybe it time for these stupid ppl to be sent to my PRC working place in the furthur north of Heilonjian at -30c and stick these faces out in the cold and start teaching them of the rules of the jungle! (may be just throw them away with the wolfs)

Atobe SG

According to a released document available on the web - there are several ‘Boards of GIC Group’ (*1) :-

Government of Singapore Investment Corporation - Board of Directors:

Chairman: Lee Kuan Yew

Deputy Chairman: Lee Hsien Loong

Deputy Chairman

& Executive Director: Dr Tony Tan Keng Yam

Directors: Lim Hng Kiang,

Tharman Shanmugaratnam,

Raymond Lim Siang Keat,

Dr Richard Hu Tsu Tau,

Ang Kong Hua,

Peter Seah Lim Huat,

Chew Choon Seng.

Advisers to the GIC Dr Charles D Ellis (retired 30 June 2009)

Board of Directors: Dr Robert B Litterman

Ho Tian Yee

Paul Myners (resigned 3 October 2008)

Sir Howard J Davies (appointed 1 February 2009)

Dr Martin L Leibowitz (appointed 1 April 2009)

Adviser Emeritus: Dr Charles D Ellis (appointed 1 July 2009)

GIC Asset Management – Board of Directors

Chairman: Lee Ek Tieng (retired 30 June 2009)

Lim Siong Guan (from 1 July 2009)

Directors: Ng Kok Song

Quah Wee Ghee

Vivien Chen Vui Wen

GIC Real Estate – Board of Directors

Chairman: Dr Richard Hu Tsu Tau (retired 30 June 2009)

Dr Tony Tan Keng Yam (from 1 July 2009)

Directors: Lim Hng Kiang

Lee Seng Wee

Leon Bressler

Steven J Green

GIC Special Investments – Board of Directors

Chairman: Dr Tony Tan Keng Yam

Directors: Ang Kong Hua

Peter Seah Lim Huat

G. Leonard Baker Jr

Jonkheer Otto van der Wyck

Group Committees:

Group Executive Committee:

Chairman: Dr Tony Tan Keng Yam – Dy Chairman & Executive Dir

Deputy Chairman: Lim Siong Guan – Group President

Members: Ng Kok Seng, Group Chief Investment Officer

Dr The Kok Peng, President, GIC Special Investments

Dr Seek Ngee Huat, President, Real Estate

Quah Wee Ghee, President, GIC Asset Management

Dr Sung Cheng Chih, Chief Risk Officer

Vivien Chen Vui Wen, Chief Administrative Officer

Aje Kumar Saigal, Director, Investment Policy & Strategy

Advisers: Dr Richard Hu Tsu Tau

Lee Ek Tieng

Group Management Committee:

Chairman: Lim Siong Guan – Group President

Members: Ng Kok Seng, Group Chief Investment Officer

Dr The Kok Peng, President, GIC Special Investments

Dr Seek Ngee Huat, President, Real Estate

Quah Wee Ghee, President, GIC Asset Management

Dr Sung Cheng Chih, Chief Risk Officer

Vivien Chen Vui Wen, Chief Administrative Officer

Group Investment Committee:

Chairman: Ng Kok Seng – Group Chief Investment Officer

Members: Lim Siong Guan, Group President

Dr The Kok Peng, President, GIC Special Investments

Dr Seek Ngee Huat, President, Real Estate

Quah Wee Ghee, President, GIC Asset Management

Aje Kumar Saigal, Director, Investment Policy & Strategy

Chairman: Dr Sung Cheng Chih – Chief Risk Officer

Members: Chua Lee Ming, General Counsel

Kwok Wai Keong, Global Head, Asset Mgt, Real Estate

Ng Kin Sze, Global Head, Strategy & Risk Mgt,

Special Investments

Ong Hian Leong, Director, Technology

Joyce Tan Siew Pheng, Director, Investments Operations

Deanna Ong Aun Nee, Director, Finance

Pang Wai Yin, Deputy Director, Rick & Performance Mgt

Choy Siew Kai, Head, Investment Services, Equities

Leong Wing Kwan, Head, Risk & Operations,

Fixed Income Currency Commodities

angel7030 SG

According to a released document available on the web - there are several ‘Boards of GIC Group’ (*1) :-

Government of Singapore Investment Corporation - Board of Directors:

Chairman: Lee Kuan Yew

Deputy Chairman: Lee Hsien Loong

Deputy Chairman

& Executive Director: Dr Tony Tan Keng Yam

Directors: Lim Hng Kiang,

Tharman Shanmugaratnam,

Raymond Lim Siang Keat,

Dr Richard Hu Tsu Tau,

Ang Kong Hua,

Peter Seah Lim Huat,

Chew Choon Seng.

Advisers to the GIC Dr Charles D Ellis (retired 30 June 2009)

Board of Directors: Dr Robert B Litterman

Ho Tian Yee

Paul Myners (resigned 3 October 2008)

Sir Howard J Davies (appointed 1 February 2009)

Dr Martin L Leibowitz (appointed 1 April 2009)

Adviser Emeritus: Dr Charles D Ellis (appointed 1 July 2009)

GIC Asset Management – Board of Directors

Chairman: Lee Ek Tieng (retired 30 June 2009)

Lim Siong Guan (from 1 July 2009)

Directors: Ng Kok Song

Quah Wee Ghee

Vivien Chen Vui Wen

GIC Real Estate – Board of Directors

Chairman: Dr Richard Hu Tsu Tau (retired 30 June 2009)

Dr Tony Tan Keng Yam (from 1 July 2009)

Directors: Lim Hng Kiang

Lee Seng Wee

Leon Bressler

Steven J Green

GIC Special Investments – Board of Directors

Chairman: Dr Tony Tan Keng Yam

Directors: Ang Kong Hua

Peter Seah Lim Huat

G. Leonard Baker Jr

Jonkheer Otto van der Wyck

Group Committees:

Group Executive Committee:

Chairman: Dr Tony Tan Keng Yam – Dy Chairman & Executive Dir

Deputy Chairman: Lim Siong Guan – Group President

Members: Ng Kok Seng, Group Chief Investment Officer

Dr The Kok Peng, President, GIC Special Investments

Dr Seek Ngee Huat, President, Real Estate

Quah Wee Ghee, President, GIC Asset Management

Dr Sung Cheng Chih, Chief Risk Officer

Vivien Chen Vui Wen, Chief Administrative Officer

Aje Kumar Saigal, Director, Investment Policy & Strategy

Advisers: Dr Richard Hu Tsu Tau

Lee Ek Tieng

Group Management Committee:

Chairman: Lim Siong Guan – Group President

Members: Ng Kok Seng, Group Chief Investment Officer

Dr The Kok Peng, President, GIC Special Investments

Dr Seek Ngee Huat, President, Real Estate

Quah Wee Ghee, President, GIC Asset Management

Dr Sung Cheng Chih, Chief Risk Officer

Vivien Chen Vui Wen, Chief Administrative Officer

Group Investment Committee:

Chairman: Ng Kok Seng – Group Chief Investment Officer

Members: Lim Siong Guan, Group President

Dr The Kok Peng, President, GIC Special Investments

Dr Seek Ngee Huat, President, Real Estate

Quah Wee Ghee, President, GIC Asset Management

Aje Kumar Saigal, Director, Investment Policy & Strategy

Chairman: Dr Sung Cheng Chih – Chief Risk Officer

Members: Chua Lee Ming, General Counsel

Kwok Wai Keong, Global Head, Asset Mgt, Real Estate

Ng Kin Sze, Global Head, Strategy & Risk Mgt,

Special Investments

Ong Hian Leong, Director, Technology

Joyce Tan Siew Pheng, Director, Investments Operations

Deanna Ong Aun Nee, Director, Finance

Pang Wai Yin, Deputy Director, Rick & Performance Mgt

Choy Siew Kai, Head, Investment Services, Equities

Leong Wing Kwan, Head, Risk & Operations,

Fixed Income Currency Commodities

Wha!! all very big shots, without even investing, i think paying them already cost billions per year liao..hehehhe

angel7030 SG

It is only a paper lost.

Rooney9 SG

According to a released document available on the web - there are several ‘Boards of GIC Group’ (*1) :-

Government of Singapore Investment Corporation - Board of Directors:

Chairman: Lee Kuan Yew

Deputy Chairman: Lee Hsien Loong

Deputy Chairman

& Executive Director: Dr Tony Tan Keng Yam

Directors: Lim Hng Kiang,

Tharman Shanmugaratnam,

Raymond Lim Siang Keat,

Dr Richard Hu Tsu Tau,

Ang Kong Hua,

Peter Seah Lim Huat,

Chew Choon Seng.

Advisers to the GIC Dr Charles D Ellis (retired 30 June 2009)

Board of Directors: Dr Robert B Litterman

Ho Tian Yee

Paul Myners (resigned 3 October 2008)

Sir Howard J Davies (appointed 1 February 2009)

Dr Martin L Leibowitz (appointed 1 April 2009)

Adviser Emeritus: Dr Charles D Ellis (appointed 1 July 2009)

GIC Asset Management – Board of Directors

Chairman: Lee Ek Tieng (retired 30 June 2009)

Lim Siong Guan (from 1 July 2009)

Directors: Ng Kok Song

Quah Wee Ghee

Vivien Chen Vui Wen

GIC Real Estate – Board of Directors

Chairman: Dr Richard Hu Tsu Tau (retired 30 June 2009)

Dr Tony Tan Keng Yam (from 1 July 2009)

Directors: Lim Hng Kiang

Lee Seng Wee

Leon Bressler

Steven J Green

GIC Special Investments – Board of Directors

Chairman: Dr Tony Tan Keng Yam

Directors: Ang Kong Hua

Peter Seah Lim Huat

G. Leonard Baker Jr

Jonkheer Otto van der Wyck

Group Committees:

Group Executive Committee:

Chairman: Dr Tony Tan Keng Yam – Dy Chairman & Executive Dir

Deputy Chairman: Lim Siong Guan – Group President

Members: Ng Kok Seng, Group Chief Investment Officer

Dr The Kok Peng, President, GIC Special Investments

Dr Seek Ngee Huat, President, Real Estate

Quah Wee Ghee, President, GIC Asset Management

Dr Sung Cheng Chih, Chief Risk Officer

Vivien Chen Vui Wen, Chief Administrative Officer

Aje Kumar Saigal, Director, Investment Policy & Strategy

Advisers: Dr Richard Hu Tsu Tau

Lee Ek Tieng

Group Management Committee:

Chairman: Lim Siong Guan – Group President

Members: Ng Kok Seng, Group Chief Investment Officer

Dr The Kok Peng, President, GIC Special Investments

Dr Seek Ngee Huat, President, Real Estate

Quah Wee Ghee, President, GIC Asset Management

Dr Sung Cheng Chih, Chief Risk Officer

Vivien Chen Vui Wen, Chief Administrative Officer

Group Investment Committee:

Chairman: Ng Kok Seng – Group Chief Investment Officer

Members: Lim Siong Guan, Group President

Dr The Kok Peng, President, GIC Special Investments

Dr Seek Ngee Huat, President, Real Estate

Quah Wee Ghee, President, GIC Asset Management

Aje Kumar Saigal, Director, Investment Policy & Strategy

Chairman: Dr Sung Cheng Chih – Chief Risk Officer

Members: Chua Lee Ming, General Counsel

Kwok Wai Keong, Global Head, Asset Mgt, Real Estate

Ng Kin Sze, Global Head, Strategy & Risk Mgt,

Special Investments

Ong Hian Leong, Director, Technology

Joyce Tan Siew Pheng, Director, Investments Operations

Deanna Ong Aun Nee, Director, Finance

Pang Wai Yin, Deputy Director, Rick & Performance Mgt

Choy Siew Kai, Head, Investment Services, Equities

Leong Wing Kwan, Head, Risk & Operations,

Fixed Income Currency Commodities

do these people all added up have experience in managing, running and investing in a fund? they are politicians and civil servants, who dun have the know-how and foresight in running a fund.

dragg SG

Based on a Reuters calculation, the assumed conversion price will be 47.7 Swiss francs a share versus UBS's last closing price of 13.67 Swiss francs.

the conversion price is 3 times more than the last closing price???

骑虎难下?