Wonder what will the Oz authorities think of this? SGX is part of S’pore Inc but S’pore Inc does not control it. After all Ozzies don’t believe in Santa Claus or the Tooth Fairy.
The largest shareholder of SGX with 23.45% of the shares is SEL Holdings.
But Pursuant to Section 11(2)(b) of the Exchanges (Demutualisation & Merger) Act 1999 (the “Merger Act”), SEL Holdings Pte Ltd (“SEL”), being the special purpose company set up under the Merger Act to hold the SGX shares for the benefit of the Financial Sector Development Fund, shall not exercise or control the exercise of votes attached to the SGX shares. Owing to the restriction in the exercise of votes attached to the shares, SEL is not regarded as a substantial shareholder of SGX.
Our central bank is responsible for the Financial Sector Development Fund. At one time, I think, Temasek was responsible for the fund.
So while SGX is a holding of what we S’poreans and others loosely call S’pore Inc, it seems S’pore Inc has no control over SGX.
But will the Ozzies believe this? They don’t believe in Santa Claus, or the Tooth Fairy, or that Jesus is the Christ, or that Mohd is a prophet, so why should they believe that the authoritarian S’pore state ruled by one LKY(taz the perception in Oz) does not control SGX? Esp since SGX has regulatory powers? And SGX’s ex CEO is now co-president and an Executive director at Temasek, while SGX’s head of regulation was from Temasek. She was for many yrs in the central bank.
And the juz retired SGX chairman was a mandarin/ biz leader, while his successor has good S’pore Inc connections*.
Santa Claus anyone?
*He was CEO of SIA (Update on 26 Oct 2010)