Apparently the Singaporean group has been one of OneSteel's larger investors for some time, and must have faith in the stock's chances of recovery. Its shares hit their lowest in two years this month and closed at $1.90 yesterday.
GSIC's buying between January and May totalled 19.6 million shares, at an average price of $2.38 - slightly better than the market average over that time of $2.53.
If Insider generously applies that same $2.38 average purchase price to the whole GSIC stake of 67.2 million shares, the investment is about $32 million underwater. More likely, the Singaporean stake cost a bit more than that, given that the average price over the past three years is closer to $3.55 a share. That would mean, without accounting for dividends, a paper loss closer to $60 million. Full story
Related:
Singapore plans to explore bolder investments of country's foreign reserves - The China Post
GIC Says Investment Outlook for Next 30 Years ‘Less Benign’ - Bloomberg
GIC returns as good as equities - Malaysia Star
