Yes, there are a thousand ways to use that 50% (or half of it) more effectively.
The "official" statement now is, they will spin off a portion of that 36.6%, so perhaps they already figured out that perhaps it's not a wise idea to do the whole 50% at once
Yes, they could give that 25% (of 36.6%) to DBS as collateral for a $50M loan. Use that money to increase their stake in Triway by 13%. This will get the MF going and set the trend for other investors. Then, when the $150M is fully subscribed, take back the $55M that Triway owes SIAF and pay off the loan. Spin off the other 25%. Now SIAF owns 18.3 + 13 = 31.5%. They could do a third spin-off round (and a fourth!) or pay cash dividends, if they feel that Santa Clause should come to town more often.
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