This is where part of cpf went to
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This is where part of our cpf went to
Tough for GIC to fund Fortis bid for Parkway
By FINTAN NG
[email protected]
PETALING JAYA: It will be difficult for India’s Fortis Healthcare Ltd to secure the support of Government of Singapore Investment Corp Pte Ltd (GIC) to make a counter bid for Parkway Holdings Ltd as the sovereign fund’s mandate is strictly to invest in companies outside the republic, sources said.
GIC declined comment on this issue. News reports in the Indian media stated that Fortis has secured the “tacit support of GIC” to make a counter-offer for Parkway.
GIC bought a 6.5% stake in Fortis in early May for US$85mil and invested a further US$95mil through convertible foreign currency bonds issued by Fortis. At the current price, a conversion of those bonds will increase GIC’s holding in Fortis to over 13%.
“But for GIC to be seen as helping Fortis to buy over Parkway, a Singapore-based and listed healthcare group, it would run counter to the fund’s mandate of only investing out of Singapore,” said a party familiar with the situation.
To recap, last week Khazanah Nasional Bhd’s Integrated Healthcare Holdings Ltd has made a partial offer for Parkway.
Fortis currently has a 25.3% stake in Parkway and plans to use the company as a vehicle to realise its dream of building a leading global healthcare chain.
Integrated Healthcare together with parties acting in concert have a 24.1% stake and would effectively control Parkway with a 51.5% stake should the offer be successful.
Singapore-based analysts told StarBiz they have not heard of any counteroffer nor if GIC would fund any counteroffer.
The analysts were also not clear if institutional shareholders were inclined to accept the offer by Khazanah.
However, at least two research houses said the offer by Khazanah was fair and hence recommended shareholders to accept it.
“We expect possible counter offers from Fortis and remain negative on the deal as this could result in aggressive bidding by both Khazanah and Fortis, driving Parkway’s share price ahead of its underlying business fundamentals,” wrote Yew Kiang Wong, an analyst with CLSA in Singapore and said investors should sell.
Su Tye Chua, an analyst at Credit Suisse in Singapore, wrote in a report yesterday: “We do not rule out a potential counterbid (from Fortis) but given the strong outperformance of Parkway’s shares, limited near-term catalysts and significantly reduced liquidity, we think investors should accept Khazanah’s offer, should the shares trade near S$3.75 each.”
Integrated Healthcare appointed DBS Bank Ltd, Oversea-Chinese Banking Corp and United Overseas Bank Ltd as joint lead arrangers of financing for the Parkway offer.
Parkway’s share price jumped 22.85% from its closing price of S$3.02 on May 26 to close at S$3.71 yesterday. For the year, it is up 26.62%.
In the end, who is the final winners - think about it!<!-- In the end, who is the final winners - think about it! // -->
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In the end, who is the sole and final winners. Think about it!
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in theend, we all must die...think somuch for what...if free, come my place for Happy hours from 8 to 10pm, Tuesday to Sunday..rest on Monday
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Part of my cpf went towards the state that thailand is in today.
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They want to monopolize the healthcare market in Singapore, with public healthcare solely in their pocket, it's only a matter of time before they take control of the private healthcare and corner the healthcare market in Singapore.
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Originally posted by ditzy:
Part of my cpf went towards the state that thailand is in today.
thank you for your contribution, the land of a thousand problems and smiles will never forget you... -
Originally posted by βÎτά:
They want to monopolize the healthcare market in Singapore, with public healthcare solely in their pocket, it's only a matter of time before they take control of the private healthcare and corner the healthcare market in Singapore.
they also want to monopolise the religion market, first the renci now city harvest church...last time, i never heard of such problem, nowaday, they re really looking for fund...310million for suntec city...the pastor is really exposing too much -
Originally posted by angel7030:
in theend, we all must die...think somuch for what...if free, come my place for Happy hours from 8 to 10pm, Tuesday to Sunday..rest on Monday
monday sell back side is it -
i would not be surprised if there are no more gahmen hospital in Singapore 10 to 20 years time!
Either it is outsource to private sector or it being commericalise.
Just wait and see.
The message here, tried to your best to take care of your own health!
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the govt actually overlooked the power of charity with religion concern, now they can see the taxfree wealth created from it, sure they go knock them down to get funding.
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Originally posted by CheckmateA1:
monday sell back side is it
why must sell backside??? front cannot meh? -
i am still looking for big co
to invest in my 400 million mega
ark....
need a huge advance port
to anchor this mega ark
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well 400millions is too low, you need about 3 to 5 billions to get a good tender taking up your so call ark, that is how the Sand ark and RWS paid to get contractors
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Originally posted by angel7030:
why must sell backside??? front cannot meh?
how many times, must i repeat! You are a man in a woman avartarunless you show me your ic the sex - m or f
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why must show u my ic, only a policeman or woman with a warrant can see my ic, teacher said, dun anyhow show your ic to people who are not authorised.
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angel7030 is a transvestite...me thinks nfromway angel behaves,,,,tats the onyn answser.....anyway u still need to do yer duty n give birth to 20 kids for singapore...majullah singapura!!!
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grabs angels dick n lops it off so it would be easier to give birth to kids in future....
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Angel love Mr M and Mr A becos both hobby are rear entry........ Angel is a Female or Male or is Mr M disguise as Angel?? That begger Mr M across the bridge that always think crooked...and need a crooked bridge to symbolise him and his thinking.
after all Mr M land is either for crook or oran alsi seeking a jungle to live
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I just want all my CPF money back next time when I retire at 55.
Why cannot?
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The first paragraph from the Petaling Jaya article explains it all.
GIC invest CPF money for acquiring foreign assets. Whats the point of Singapore buying Singapore?
If possible Singapore should own the whole world, outside Singapore But for now, just try to own as much as possible.
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Originally posted by Terminator Hitman:
angel7030 is a transvestite...me thinks nfromway angel behaves,,,,tats the onyn answser.....anyway u still need to do yer duty n give birth to 20 kids for singapore...majullah singapura!!!
u then transvese...i am a perfect gal at a child bearing age that can help you to become tax free ya...by giving birth to 3 childrens -
Khaw Boon Wan: Singapore has “top-class” healthcare system
TEMASEK REVIEW
PAP ministers have been indulging in plenty of self-praise lately perhaps to justify their impending hefty pay hike with the strong “rebound” of Singapore’s economy.
Coming right after PAP minister without portfolio Lim Swee Say who is currently sharing his famous “upturn the downturn” slogan at an international meeting, Health Minister Khaw Boon Wan had lavished generous praises on Singapore’s healthcare system.
Khaw was hospitalized lately for a heart bypass which convinced him that “Singapore’s health system is of a high standard.”
He claimed that this was the feedback he received from patients of all classes during his frequent visits to the hospital to attend his cardiac rehabilitation programme and it made him “proud” both as a Singaporean and a Health Minister.
With due respect to Mr Khaw, he is likely to receive VIP treatment from the hospital staff which is quite different from the reality on the ground.
Had he suffered a minor heart attack and sent to a particularly busy public hospital in Singapore, he might have to wait for a few hours before being attended by a doctor.
Should he require angioplasty in the middle of the night, he might be told that there were no trained doctors available to perform the procedure and he needed to be transferred to another hospital.
And if he was admitted to a subsidized ward, he may not see his cardiologist even once throughout his entire hospital stay.
While Singapore arguably has one of the best healthcare systems at least in the region, the acute shortage of doctors and nurses in public hospitals may compromise the quality of care of in subsidized wards which are often overcrowded with patients.
Do you agree with Mr Khaw that Singapore’s health system is of a high standard?
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aiya uncle, this type of bullshit you also want to post, everyone knows that as a health or hell minister, sure he will praise his own work lah...he is a health minister ok, boss of health, if he go hospital, what you expect, sure the doctors and nurses will be in tip top alert and service him well....U ask a road side cleaner ah pek go in, i think they dun even bother about him...
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u just did