Whether which companies within are cash cows is not a concern for him at all. He does not need excess cash in the holding level unless he tries to make another large acquisition on the holding level as cash is the worst performing asset for a business owner. Cash merely ensures liquidity and solvency, but does not generate adequate return. The merely cash flow required in the holding level are for interest payment and maybe a little debt repayment.
It is entirely unnecessary to extract more than enough cash from its operating companies as the regular dividend payment is sufficient.
FCL will continue to be the oversea property platform for the foreseen future among his business empire. He is not buying FCL to liquidate it. Any expectation of extracting more value from it will be duly surprised. FCL will behave like any other normal property company though dividend yield could be a little higher than Capitaland/CityDevelopment/Keppel Land, but nothing significantly different.
It is entirely unnecessary to extract more than enough cash from its operating companies as the regular dividend payment is sufficient.
FCL will continue to be the oversea property platform for the foreseen future among his business empire. He is not buying FCL to liquidate it. Any expectation of extracting more value from it will be duly surprised. FCL will behave like any other normal property company though dividend yield could be a little higher than Capitaland/CityDevelopment/Keppel Land, but nothing significantly different.
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