Ummm...... how would SQ pay for 25% of QF? They don't have that sort of cash lying around. "%5 of Qf would be about A$1.5bn; as of March this year, SQ had about Sing$560mn in cash on their balance sheet. So they'd need to stump up for a big capital raising which in the current environment, might be tough and having gone to market to raise cash once to buy a bit of QF, they would have a hard time going back again to raise more cash for any sort of capital expenditure.