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$30 billion return adds up to a very bankable investment

How much did Khoo Teck Puat's  family actually gain from their 20-year investment in Standard Chartered?

The Khoo Teck Puat Estate unloaded on Monday its 11.55 per cent stake in the London-based bank to Temasek Holdings for an estimated $30 billion, and most of that is net profit.

That was roughly how much another Malaysian, Guoco Group's Quek Leng Chan, cashed out from selling Dao Heng Bank to DBS Group five years ago.

In 1986, Khoo - who died in 2004 - was among the white knights, along with shipping magnate Sir Yue-kong Pao and Australia's Bell Group, who helped Standard Chartered defend itself against a hostile takeover by London's Lloyds Bank.

Khoo's initial investment in Standard Chartered was about US$100 million, but the total  has been more than compensated for by dividends declared over the years.

If there is a lesson to be drawn from Khoo's investment philosophy, itis his famous line: 'When no one wants it, that's the time to buy a few million.'

GOING BY THE BOOK

Still on Standard Chartered, we are amazed to receive from Temasek's public relations office a 13-page release entitled 'Media Q&A' listing 59 possible media questions about the Singapore-Malaysian deal.

One of our favourite sample queries focuses on potential conflict of interest for Temasek chief executive Ho Ching, wife of Singapore's prime minister.

Here is the standard answer: 'We are not here to discuss politics since we are not politicians or a political organisation. Our chief executive is accountable to the board of directors, who is headed by an independent chairman, just like any other commercial organisation.'

magical market ride

Hong Kong Exchanges  and Clearing has just stepped off a six-day magical ride of share-price gains until yesterday.

Still, the Hong Kong exchange's share price was up 43 per cent for the year to date, edging past blue chip China Merchants Holdings and Sino Land with a market capitalisation of $50 billion, making it the 32nd largest in Hong Kong.

It is amazing that the stock regulator had not issued any unusual price-movement  statement on its own share price. The reason is simple:  its share price seldom rose more than 5 per cent daily,  probably thanks to disciplined brokers.

pay goes way of restated accounts

While Pacific Century Insurance Holdings may have messed up its accounting numbers on the high side, it certainly has not as far as its directors' pay is concerned.

Key executives at Richard Li Tzar-kai's insurance arm reported big drops in remuneration, starting from chief executive Raymond Chan Ping-kan, whose total emoluments were halved to $6.17 million, from 2004. Chief operating officer Peter So Wing-hung  made $4.8 million - about  33 per cent less.

Scapegoat Sam Cheung Sum, who left  after the accounting scandal,  made $4.21 million,  down 41 per cent.  Overall, the directors pay last year fell 40 per cent  to $16.88 million,  against a 77 per cent  drop in net profit to $42.5 million.

Chairman Francis Yuen Tin-fan  and five other directors (redesignated non-executive directors on PricewaterhouseCoopers'   advice) made $200,000  each last year.

rocking the money masters

A rolling stone gathers no moss, but the Rolling Stones (Mick Jagger, left)  could gather a lot of hedge-fund managers on the mainland.

Deutsche Bank is sponsoring the Rolling Stones' Shanghai Grand  concert on April 8. About 200 clients, mostly debt and equity hedge funds, are bracing for the gig after their China conference.

'It's a rare opportunity to get clients together from across Asia to one of the world's most exciting cities to see the legendary Rolling Stones,' the bank said. Some of them  have been waiting for three years, as the  band had to cancel their China trip at the height of  Sars crisis.



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Standard Chartered Bank

Lai See