Temasek-linked companies pumped in $5.2b cash and the amount is now worth almost double
UNTIL a few months ago, investors were generally too shell-shocked by events in the past 18 months to have any confidence to part with their hard-earned cash and dump it in newly listed stocks. Not helping was the fact that most companies seeking to list in the past 18 months or so were relatively small and Chinese companies. Memories of S-chips that have blown up in investors’ faces are still painful.
So, it is no surprise that Opera – the Monetary Authority of Singapore’s website where the prospectuses of companies that intend to sell their shares to the public are lodged – shows that no fewer than 16 companies have withdrawn their listing applications since the start of 2008.
Meanwhile, the uncertain environment last year and in the early part of this year, with the seizing up of credit sources, made it necessary for many listed companies to tap shareholders for fresh funds. Investors seem to be more receptive to putting their money in tried and tested names that have a track record as listed entities. Either that, or more likely, punters had no choice but to pump in more cash – just to ensure that their stake in companies in which they had already invested was not diluted. Continue reading
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