Tamasick trying to sell Chartered

From Shit times today, Tamasick is trying to sell their 60% stake to TSMC via Goldman.

This only tell us one thing.

Tamasick is having a credit crunch.

Selling Chartered at this time is a fire sale, only when you have no more money then you will be force to do this.

Selling Chartered will also risk mass retrench as semiconductor sector is suffering.

TSMC and Tamasick both denies the news.

DBS today drop below $10 and may break $9 soon, Singapore is in big trouble.

Hahaha let DBS drop. It got many shit to clear. Hong Kong shit. Singapore shit. All Lehman shit. A lot of money it will lose. Let's see DBS sack some top shit!

Either way, when chips are down there is bound to be retrenchments in CSM.

Einfield said:

DBS today drop below $10 and may break $9 soon, Singapore is in big trouble.

Click to expand...

DBS 9.12 Oct 27 Down 0.92 (9.16%)
correct 1253hrs SGT

mockingbird said:

Either way, when chips are down there is bound to be retrenchments in CSM.

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I question the timing of the sale.

This is an indication of a desperate and cash strap Tamasick.

A long recession of 3-5 years mean CSM will have to operate way below its capacity for a long time. CSM may be got not enough $$$ to pay staff salaries if sales keep going down so must sell off to TSMC.

mockingbird said:

A long recession of 3-5 years mean CSM will have to operate way below its capacity for a long time. CSM may be got not enough $$$ to pay staff salaries if sales keep going down so must sell off to TSMC.

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Since when CSM pay for anything? How many millions you you think CSM got when they announce every quarter that they loss 30 millions?

Tamasick is injecting fund in for a long time.

Since it is a policy to keep Chartered going, why sell them at this point of time? When it's worthless?

One reason : Tamasick no money.

I bought this share at $7 over dollars more than 10 years ago. Now only twenty over cents. Luckily I covered back by selling other stocks at the beginning of the year. So my CPF investments made $20k. I made the right decision otherwise all stocks humpty dumpty now. Wish CSM dissappear from the island.

mockingbird said:

A long recession of 3-5 years mean CSM will have to operate way below its capacity for a long time. CSM may be got not enough $$$ to pay staff salaries if sales keep going down so must sell off to TSMC.

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shareholders will be surprise at how much CSM paid out as retention bonus in 2006 and 2007. I was like huh when i heard from my source in CSM. Apparent CSM cannot attract local talents to work there and replace the korean engineers many of whom are still on expat pay despite being PR here. The HR was headed by a idiot aka FT abit from our Northernly neighbour.

sleaguepunter said:

shareholders will be surprise at how much CSM paid out as retention bonus in 2006 and 2007. I was like huh when i heard from my source in CSM. Apparent CSM cannot attract local talents to work there and replace the korean engineers many of whom are still on expat pay despite being PR here. The HR was headed by a idiot aka FT abit from our Northernly neighbour.

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CAnnot attract local talent ? I heard that many are having a very heavy pay cut !

that was last year. Anyway local are only mid level excutives and engineers. Till now still a lot of koreans leading the fabs.

Tamasick selling?????????????????
can't believe its happening!!
i need 2 poke my eyes 2 see stars!!
hey kuntakinte!! where r u?


knn.... last time i thought Ho Jinx onli know 2 gobble up companies??

sleaguepunter said:

that was last year. Anyway local are only mid level excutives and engineers. Till now still a lot of koreans leading the fabs.

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CSM has all the resources and govt support it needs but why is it not able to compete with TSMC?

mockingbird said:

A long recession of 3-5 years mean CSM will have to operate way below its capacity for a long time. CSM may be got not enough $$$ to pay staff salaries if sales keep going down so must sell off to TSMC.

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Temasek is one good company who pays millions to top people encouraging them to lose more money... CSM has been bleeding since it started... and those people who screwed up the whole thing are now happily enjoying the 10~20 millions...

This is the type of "calibre" managing singapore's money... scary..

sleaguepunter said:

shareholders will be surprise at how much CSM paid out as retention bonus in 2006 and 2007. I was like huh when i heard from my source in CSM. Apparent CSM cannot attract local talents to work there and replace the korean engineers many of whom are still on expat pay despite being PR here. The HR was headed by a idiot aka FT abit from our Northernly neighbour.

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My goodness. They can actually let an FTrash head HR! No wonder they only hire FTrash! *Ptui*

Just look at the no. of fat FTrash cats on the board! No wonder the company is bleeding to death!

http://sec.edgar-online.com/2004/03/03/0001145549-04-000267/Section8.asp

A. DIRECTORS AND SENIOR MANAGEMENT


The following table sets forth, as of January 31, 2004, the name, age and
position of each director and member of senior management of our company.


Name Age Position
Board Of Directors (1)
James A. Norling (2) (3) 61 Chairman of the Board
(6)
Lim Ming Seong (3) (4) (6) 56 Deputy Chairman of the Board
Chia Song Hwee(2) 41 Director
Sum Soon Lim (3) (4) (5) 60 Director
(6)
Robert E. La Blanc (5) 69 Director
Andre Borrel (3) (4) (5) 67 Director
(6)
Charles E. Thompson (3) (6) 74 Director
Tsugio Makimoto, PhD 66 Director
Tay Siew Choon (2) (3) (4) 56 Director
(6)
Peter Seah Lim Huat (2) (3) 57 Director
(6)
Philip Tan Yuen Fah (5) 59 Director

Senior Management (1)
Chia Song Hwee 41 President and Chief Executive Officer
Ang Kay Chai 44 Senior Vice President, Fab Operations
Michael J. Rekuc 54 Senior Vice President, Worldwide Sales and
Marketing
Sun Shi-Chung, PhD 56 Senior Vice President, Technology
Development
George Thomas 50 Vice President and Chief Financial Officer
Ang Tang Yong 46 Vice President, Quality, Reliability
Assurance and Support Operations
Roy Kannan 51 Vice President, Chief Information Officer
Ng Seng Huwi 46 Vice President, Human Resources
Tan Seng Chai 41 Vice President, Strategy Resources

So many ang mo yet cannot compete against the taiwanese. Lau Kui !