Eddie, I meant it's strange that Creaf is not moving with the rallying Singapore tech stocks. I also said that buybacks could be approved soon, and going by the record of the Singapore government that can mean REALLY soon.
Remember, there is a crisis going on and there is a great sense of urgency now, and that means the normally efficient government is working overtime (case in point: see how fast Keppel Bank and Tat Lee Bank were merged just last month? Nobody expected it so soon, given that Tat Lee is a family business). Also, see how the Deputy PM became chairman on the Monetary Authority of Singapore, replacing the Finance Minister? This is seen as another indication that Singapore will move at lightning speed to strengthen its already strong economy. And just this week, a high-powered subcommittee proposed 55 measures to boost the financial sector. In about two weeks the Budget will be tabled in Parliament. This is a very important Budget, perhaps the most important since the 1985 recession. And I can bet my last dollar that a few HUGE measures will be announced.
And about buybacks being more difficult to implement that anti-property-speculation measures: I don't understand. Share buybacks are legal in many countries in the world, including Hongkong and the US. It has no detrimental effect on shareholders if the shares are spread over a large shareholder base. SIA (a government-controlled company), has spoken several times about it.
On the other hand, anti-property-speculation curbs are a very big and very politically sensitive issue affecting 100% of Singaporeans (who were due to VOTE that very same year BTW). I would imagine a few big speculators lost fortunes, and many small-timers were caught holding deflating bubbles. The government acted very decisively and probably lost a few votes because of it. But now on hindsight, it was the absolutely right thing to do, and it has saved Singapore from being savaged like the rest of the region. |
