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[h=2]Siao liao - GIC tan ba US$495 million into commodities - now commodities at all time[/h]
GIC buys 5% stake in commodities trader Bunge
By Millet Enriquez | Posted: 24 February 2012 2003 hrs
SINGAPORE: Singapore's sovereign wealth fund Government of Singapore Investment Corporation (GIC) has bought a five per cent stake in US-listed commodities trader Bunge, according to a filing with the US Securities and Exchange Commission on February 23.
The investment, which consists of over 7.3 million shares, was confirmed by GIC when inquired by Channel NewsAsia.
That stake is currently valued at US$495.5 million based on Bunge's closing price of US$67.83 on February 23.
Channel NewsAsia understands that the stake was built up gradually over the last few years and commodities is one of the asset classes in GIC's diversified portfolio.
Bunge, which is an agribusiness and food trader, has operations in more than 30 countries. Bunge Asia has its headquarters in Singapore, according to the firm's website.
It reported strong earnings for the fourth quarter early this month, citing higher oilseed processing results in Asia, Europe and South America and higher prices and volumes in sugarcane milling.
GIC has also invested in Glencore, a commodities producer and marketer listed in London and Hong Kong.
The investment firm has over US$100 billion in assets under management across varied classes, its online company overview said.
- CNA/fa
By Millet Enriquez | Posted: 24 February 2012 2003 hrs
SINGAPORE: Singapore's sovereign wealth fund Government of Singapore Investment Corporation (GIC) has bought a five per cent stake in US-listed commodities trader Bunge, according to a filing with the US Securities and Exchange Commission on February 23.
The investment, which consists of over 7.3 million shares, was confirmed by GIC when inquired by Channel NewsAsia.
That stake is currently valued at US$495.5 million based on Bunge's closing price of US$67.83 on February 23.
Channel NewsAsia understands that the stake was built up gradually over the last few years and commodities is one of the asset classes in GIC's diversified portfolio.
Bunge, which is an agribusiness and food trader, has operations in more than 30 countries. Bunge Asia has its headquarters in Singapore, according to the firm's website.
It reported strong earnings for the fourth quarter early this month, citing higher oilseed processing results in Asia, Europe and South America and higher prices and volumes in sugarcane milling.
GIC has also invested in Glencore, a commodities producer and marketer listed in London and Hong Kong.
The investment firm has over US$100 billion in assets under management across varied classes, its online company overview said.
- CNA/fa
