GIC Pissing away $403 mil of our CPF on Turkish Real estate company

Seriously? A turkish company? What the fuck? Warren Buffet doesn't buy shit companies in Turkey. Where does GIC come up with the super research to get involved in Turkey? $403 million for only a 20% share of the company? That means the whole company is valued at $403 million X 5, which is over $2 billion!! U can buy the whole of Turkey for $2 billion.

SINGAPORE - Rönesans Gayrimenkul Yatýrým (RGY), the real estate arm of Turkey's Rönesans Group, and an affiliate of Singapore's sovereign wealth fund GIC, have formed a strategic partnership which will see GIC acquire above 20 per cent shareholding in RGY.

GIC will inject EUR 250 million (S$403.2 million) into RGY under a rights issue to fund acquisitions and development of new projects in Turkey.

The new capital will reinforce RGY's foothold as a leader in Turkish commercial real estate market and allow for future expansion of its business.

As part of the transaction, GIC will be granted representation on the board of directors of RGY to participate in the strategic direction of the company.
- See more at: http://www.straitstimes.com/news/bu...eal-estate-firm-20141030#sthash.1L2EZKXA.dpuf

i dont understand what is the point of buying 20% of a company that does real estate.if u want real estate just buy the goddam real estate urself why depend on a another company to make the decision on what to buy.this shows they are ignorant and not confident in what they are doing.

i thought GIC is suppose to be low risk and conservative investment,what the fuck are they doing in turkey real estate.....looks like ur CPF is going need top up soon.

These things do not happen by accident.

PM Lee to make first official visit to Turkey ahead of ASEM

11 Oct 2014 18:44
http://www.channelnewsasia.com/news/singapore/pm-lee-to-make-first/1408578.html

Singapore Prime Minister Lee Hsien Loong will call on the Turkish President and Prime Minister before heading to Milan for the 10th Summit of the Asia-Europe Meeting.
SINGAPORE: Prime Minister Lee Hsien Loong will make his first official visit to Turkey from Sunday (Oct 12) till Wednesday, after which he will head to Milan, Italy to attend the 10th Summit of the Asia-Europe Meeting (ASEM) from Oct 16 to 17.

While in the Turkish capital Ankara, Mr Lee will call on President Recep Tayyip Erdogan and meet Prime Minister Ahmet Davutoglu. He will also be hosted to lunch by Deputy Prime Minister Ali Babacan, and to dinner by Prime Minister Davutoglu.

Mr Lee will stop by Istanbul, where he will meet chief executives of leading Turkish companies and attend a dinner hosted by Kadir Topbas, the Mayor of Istanbul.

In conjunction with Mr Lee's visit, International Enterprise Singapore and the Singapore Business Federation will organise a Singapore business promotion mission to Turkey. In 2013, Turkey was Singapore's 52nd largest trading partner, with total bilateral trade valued at S$1.36 billion.

After Turkey, Mr Lee is due at the 10th ASEM summit, where Asian and European leaders are expected to discuss ways to advance cooperation, under the theme "Responsible Partnership for Sustainable Growth and Security". Mr Lee will also meet other ASEM leaders and Italian business executives on the sidelines of the summit.

Prime Minister Lee's wife Ho Ching will accompany him in both Turkey and Italy. For his visit to Turkey, Mr Lee will also be accompanied by Trade and Industry Minister Lim Hng Kiang, Senior Minister of State for Finance and Transport Josephine Teo, as well as Members of Parliament Foo Mee Har and Zaqy Mohamad. In Milan, Mr Lee will be joined by Minister in the Prime Minister's Office Grace Fu who is also Second Minister for Foreign Affairs.

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frenchbriefs said:

i dont understand what is the point of buying 20% of a company that does real estate.if u want real estate just buy the goddam real estate urself why depend on a another company to make the decision on what to buy.this shows they are ignorant and not confident in what they are doing.

i thought GIC is suppose to be low risk and conservative investment,what the fuck are they doing in turkey real estate.....looks like ur CPF is going need top up soon.

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This is Warren Buffet's Berkshire hathaway investments below. See any companies from Turkey on it? sounds to me like GIC is getting conned again.
Berkshire Hathaway Portfolio Tracker

These are the publicly-traded U.S. stocks owned by Warren Buffett's holding company Berkshire Hathaway, as reported to the Securities and Exchange Commission in filings made available to the public.

There are times when Berkshire asks for, and receives, the SEC's permission to temporarily withhold data on some stock holdings.

Click on a header to sort by that column. Clicking twice will reverse the order of the sort. The stake column shows the percentage of each company's outstanding shares that are held by Berkshire Hathaway.
Company  Symbol  Holdings  Mkt. price  Holding value  Stake 
American Express Company AXP 151,610,700 $88.34 $13,393,289,238 14.54%
The Bank of New York Mellon Corporation BK 24,652,836 $37.70 $929,411,917 2.21%
Chicago Bridge & Iron Company N.V. CBI 10,701,110 $54.01 $577,966,951 9.81%
Charter Communications, Inc. CHTR 2,309,013 $153.71 $354,918,388 2.08%
ConocoPhillips COP 1,355,228 $70.75 $95,882,381 0.11%
Costco Wholesale Corporation COST 4,333,363 $131.93 $571,700,581 1.00%
Deere & Company DE 3,978,767 $85.15 $338,792,010 1.11%
NOW Inc DNOW 1,825,569 $30.16 $55,059,161 1.74%
DIRECTV DTV 23,467,995 $84.44 $1,981,637,498 4.70%
DaVita HealthCare Partners Inc DVA 37,621,152 $77.37 $2,910,748,530 17.47%
General Electric Company GE 10,585,502 $25.66 $271,623,981 0.10%
Graham Holdings Co GHC 107,575 $765.92 $82,393,844 1.86%
General Motors Company GM 32,960,056 $30.72 $1,012,532,920 2.02%
Goldman Sachs Group Inc GS 12,631,531 $186.08 $2,350,475,288 2.86%
International Business Machines Corp. IBM 70,173,978 $163.46 $11,470,638,444 7.03%
Johnson & Johnson JNJ 327,100 $105.56 $34,528,676 0.01%
The Coca-Cola Co KO 400,000,000 $40.96 $16,384,000,000 9.21%
Kraft Foods Group Inc KRFT 192,666 $56.91 $10,964,622 0.03%
Liberty Global plc - Class A Ordinary Shares LBTYA 9,866,546 $45.26 $446,559,872 4.60%
Liberty Global plc - Class C Ordinary Shares LBTYK 7,346,968 $44.11 $324,074,758 1.31%
Lee Enterprises, Incorporated LEE 88,863 $3.45 $306,577 0.16%
Liberty Media Corp LMCA 4,000,000 $46.80 $187,200,000 1.17%
Mastercard Inc MA 4,050,000 $75.99 $307,759,500 0.35%
Moody's Corporation MCO 24,669,778 $97.60 $2,407,770,333 11.65%
Mondelez International Inc MDLZ 578,000 $34.93 $20,189,540 0.03%
Media General, Inc. MEG 4,646,220 $14.41 $66,952,030 5.27%
M&T Bank Corporation MTB 5,382,040 $119.43 $642,777,037 4.11%
National-Oilwell Varco, Inc. NOV 7,302,278 $72.73 $531,094,679 1.69%
Precision Castparts Corp. PCP 1,876,622 $221.67 $415,990,799 1.30%
Procter & Gamble Co PG 52,793,078 $86.54 $4,568,712,970 1.96%
Phillips 66 PSX 6,495,800 $76.39 $496,214,162 1.15%
Sanofi SA (ADR) SNY 3,905,875 $45.22 $176,623,668 0.14%
Suncor Energy Inc. (USA) SU 16,458,330 $34.71 $571,268,634 1.12%
Torchmark Corporation TMK 4,235,818 $51.76 $219,245,940 3.25%
United Parcel Service, Inc. UPS 59,400 $102.62 $6,095,628 0.01%
U.S. Bancorp USB 80,094,497 $41.84 $3,351,153,754 4.48%
USG Corporation USG 39,002,016 $26.32 $1,026,533,061 26.56%
Visa Inc V 1,799,749 $214.66 $386,334,120 0.29%
Viacom, Inc. VIAB 7,607,200 $73.00 $555,325,600 1.80%
Verisk Analytics, Inc. VRSK 1,563,434 $61.53 $96,198,094 0.92%
Verisign, Inc. VRSN 12,985,000 $58.73 $762,609,050 10.67%
Verizon Communications Inc. VZ 15,000,928 $49.83 $747,496,242 0.36%
WABCO Holdings Inc. WBC 4,076,325 $95.24 $388,229,193 6.85%
Wells Fargo & Co WFC 463,458,123 $52.17 $24,178,610,277 8.89%
Wal-Mart Stores, Inc. WMT 58,797,259 $76.39 $4,491,522,615 1.83%
Exxon Mobil Corporation XOM 41,129,643 $94.59 $3,890,452,931 0.96%

Holdings are as of June 30, 2014 as reported in Berkshire Hathaway's 13-F filing on August 14, 2014, except for Verisign, which is as of July 31, 2014.

It is "free flow" money...everyday, Singaporeans are working & contributing to their "bank"....no worry!...they are long term investments..

Turkish Pm is veri corrupt!

http://rss.cnn.com/~r/rss/cnn_topstories/~3/UioHuZdxZ8w/index.html

Big risk big gain! HUAT AH!

FamiLEE fund no scared, anything happens got CPF funds to rescue

The issue here isn't even about the investments of temasick. It's not important at all. The issue here is the money being used to invest don't belong to the ones doing the investing so it doesn't matter if they lose. Consequently when they do make money the proceeds won't be given to the average sinkie so why even question they investments?

laksaboy said:

These things do not happen by accident.

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Agree.

Stay tuned for more insider info on this as I ask the little bird from the West to ferret out the truth. It may take a few days, weeks or a month or two to get to the bottom of this.

Jah_rastafar_I said:

The issue here isn't even about the investments of temasick. It's not important at all. The issue here is the money being used to invest don't belong to the ones doing the investing so it doesn't matter if they lose. Consequently when they do make money the proceeds won't be given to the average sinkie so why even question they investments?

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Privatise the profits, socialise the costs. The PAP kleptocrats sure have it good.

They are pissing money all over the place with no specific strategy.
From the looks of it, KPIs are based on how much they can blow before the end of financial year.
Very much like the govt ministries - they will call in all sorts of suppliers to produce premiums, TV commercials just so they can use up the budget.