Following earlier news that Australand Property Group, the Australian unit of Singapore’s CapitaLand, will seek as much as A$557m ($532m) from shareholders after first-half profit dropped 79 per cent amid plunging property values, it seems timely to examine the forays by various Singaporean entities into ventures Down Under.
Singapore Inc’s Temasek meanwhile ploughed A$400m into ABC Learning at $7.30 a share 12 months ago and has watched almost 90 per cent of that evaporate.
On top of the recently not-so-profitable Singaporean investments in western banks, the shine is beginning to look distinctly duller on Singapore’s famed investment acumen.
Singapore’s ‘Australand shocker’ Down Under
http://ftalphaville.ft.com/blog/2008/07/28/14760/singapores-australand-shocker-down-under/
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