[GEaston]

Small investors were allocated 33%, the government retains 30%, and multiple institutional investors 37%. The government therefore remains by far the largest shareholder.

The Singapore government is an institutional investor because they aren't stupid enough sell the countries gold reserves at $300 and they have not racked up mountains of debt. Singapore is a solvent state with $110,000 of surplus reserves for every man woman and child in the country. They have to put that money somewhere. Bankrupt Britain has the converse position.