Singapore will not direct GIC to invest in locally listed companies: Chee Hong Tat

  • 📰 The Straits Times
  • ⏱ Reading Time:
  • 55 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 63%

المملكة العربية السعودية أخبار أخبار

المملكة العربية السعودية أحدث الأخبار,المملكة العربية السعودية عناوين

It will continue to groom and develop local firms, with an eye on IPOs for some of them.

SINGAPORE - Singapore will continue to find ways to improve the attractiveness of Singapore’s equity market, but it will not direct sovereign wealth fund GIC to invest in locally listed companies, said Second Minister for Finance Chee Hong Tat on July 2.

He noted that the mandate of GIC is to preserve and enhance the international purchasing power of Singapore’s reserves. This means that GIC must make investment decisions that aim to achieve good long-term returns for Singapore. “Doing so will compromise our objectives for setting up GIC, which is not beneficial for Singapore and Singaporeans. Under our current arrangements, GIC can already invest in appropriate Singapore companies if these companies have a global footprint and generate good returns to GIC’s portfolio,” Mr Chee said.

“Another priority is to help more companies which are listed on the SGX to grow their operations and expand into overseas markets. By becoming globally competitive and having a larger international presence, these companies would become more attractive to global investors,” Mr Chee noted. He noted that Singapore is already the largest foreign exchange centre in the Asia-Pacific, with almost US$1 trillion in foreign exchange traded daily here. Singapore also has over 1,100 asset managers and over $4.9 trillion in assets under management.

 

شكرًا لك على تعليقك. سيتم نشر تعليقك بعد مراجعته.
لقد قمنا بتلخيص هذا الخبر حتى تتمكن من قراءته بسرعة. إذا كنت مهتمًا بالأخبار، يمكنك قراءة النص الكامل هنا. اقرأ أكثر:

 /  🏆 8. in SA

المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

Investments from GIC 'not the solution' to shake up Singapore's stock market: Chee Hong Tat“Doing so will compromise our objectives of setting up GIC, which is not beneficial for Singapore and Singaporeans,” says Transport Minister and Second Minister for Finance Chee Hong Tat.
مصدر: ChannelNewsAsia - 🏆 6. / 66 اقرأ أكثر »

Chee Hong Tat on allocating part of GIC’s investments to locally listed companiesThe Government will continue to find ways to improve the attractiveness of the local equity market, but directing GIC to invest in locally listed companies is not the solution. Second Minister for Finance Chee Hong Tat said this in Parliament on Tuesday (Jul 2) in response to an MP’s question.
مصدر: ChannelNewsAsia - 🏆 6. / 66 اقرأ أكثر »