Cin’s Newsdesk #1

nanny_diaries_posterHeadlines for today: Temasek Holdings’ investments in Australia’s child-care centres takes a hit. How unfortunate, you would think with the experience of being in a nanny-state, we would have an uncanny ability to sniff out good child-care centres to invest in. Apparently not. 😛

 

 

Aussie Families and Investors Hit by Fall of Child-Care Chain (11 Nov 2008, Straits Times)

“ABC Learning controlled 20 per cent of the country’s childcare industry with 1,075 centres employing 16,000 staff who looked after 120,000 children. It also owns centres in New Zealand.

The firm’s rapid expansion was underpinned by huge levels of debt but questionable management and higher interest rates thanks to the credit crunch took their toll and the firm went to the wall last week owing banks A$762 million (S$788 million).

Temasek will be one of the biggest casualties. It took a 12 per cent stake worth about A$400 million last year, buying in when the shares were at A$7.30 only to see the stock plummet to 54 Australian cents before they were suspended.”

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