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Established: 1974
US$ Billion: 122
Origin: Non-commodity
Firm Investment Style: Portfolio
Entity Structure: Corporate
Transparency Rating: 10
Summary:
Temasek Holdings is an Asian investment company owned by the Government of Singapore. It is governed by the Singapore Companies Act. They are also designated a Fifth Schedule Company under the Singapore Constitution in 1991.
Background:
In the 1960s the Government of Singapore already had direct stakes in local industries. These companies became government linked companies (GLC). The Government's stakes in these companies were originally held directly by the Ministry of Finance. The Ministry of Finance established Temasek Holdings in 1974 to manage these assets. Currently, Temasek Holdings' sole shareholder is the Ministry of Finance. As the years progressed, Temasek began to diversify its holdings from the local Singapore market, to other surrounding countries.
Temasek is a member of the International Working Group of Sovereign Wealth Funds.
Temasek means sea town, which was the original name of Singapore.
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Strategies and Objectives:
Active shareholder and investor in diverse industry sectors such as banking & financial services, real estate, transportation & logistics, infrastructure, telecommunications & media, bioscience & healthcare, education, consumer & lifestyle, engineering & technology, as well as energy & resources.
According to Temasek, Temasek's general investment strategy centers around four themes:
 Transforming Economies
Growing Middle Class
Deepening Comparative Advantages
Emerging Champions
Governance:
Temasek Holdings is an exempt Singapore company wholly owned by the Minister for Finance. Incorporated on 25 June 1974, Temasek is a Singapore exempt private company1 wholly owned by the Minister for Finance (Incorporated). Subject to the President’s concurrence, the Ministry of Finance (shareholder) has the right to appoint, remove or renew Board members at shareholder meetings.
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Portfolio By Liquidity 3/31/2009
| Liquidity Type |
Holding |
| Listed Large Blocs (>20%) |
38% |
| Other listed & liquid assets |
34% |
| Unlisted assets |
28% |
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Sovereign Wealth Enterprises:
1. Orchard Energy Pte Ltd
Created in June 2007, it is a subsidiary engaged in investment in energy exploration and development.
2. Fullerton Financial Holdings
Formerly called, Asia Financial Holdings Pte. Ltd (AFH), this sovereign wealth enterprise invests in financial firms.
Fullerton Financial Holdings
3. Fullerton Fund Management Company Ltd
In 1989 it originated as Temasek Holdings' Fund Management Division, an investment management department of Temasek Holdings. It eventually branched out and incorporated in 2003. The SWE invests in fixed income, equities, and hedge funds with a focus in the Asian economies.
4. Aspen Holdings
5. Temasek Capital (Private) Limited
6. Allamanda Investments Pte Ltd
7. Amberwood Investments (Mauritius) Pte Ltd
8. Aranda Investments (Mauritius) Pte Ltd
9. Baytree Investments (Mauritius) Pte Ltd
10. Cairnhill Investments (Mauritius) Pte Ltd
11. Centaura Investments (Mauritius) Pte Ltd
12. Charlton Investments (Mauritius) Pte Ltd
13. Clover Investments (Mauritius) Pte Ltd
14. Crescent Investments (Mauritius) Pte Ltd
15. Faber Investments (Mauritius) Pte Ltd
16. Henderson Investments (Mauritius) Pte Ltd
17. Springwood Investments (Mauritius) Pte Ltd
18. Seletar Investments Pte Ltd
19. Tannery Investments (Mauritius) Pte Ltd
20. Tomlinson Investments (Mauritius) Pte Ltd
21. Breedens Investments Pte Ltd
News and Updates
2/9/2010
Temasek unit to invest $75m into KHC fund
Trade Arabia reports that "Kingdom Holding Company said Asian investment group Temasek Holdings is set to invest $75 million into Pan-African Investment Partners II Limited PAIP II), a fund managed by Kingdom Zephyr Africa Management Company (KZAM).
KZAM, a leading pan-African private equity firm, is a joint venture between KHC (which owns 75 per cent) and New York-based asset management firm Zephyr Management. Singapore-based Temasek has made the fund commitment through Fernvale Investments(Mauritius), its wholly owned indirect subsidiary, KHC chairman Prince Alwaleed bin Talal said in a statement. With this investment, PAIP II capital will surge to over $492 million, Prince Alwaleed added."
read more: Trade Arabia
2/8/2010
Sobha says promoter sells 4 pct to Temasek Holdings
Reuters reports that "A promoter of Sobha Developers Ltd on Monday sold a 4 percent stake via a block deal to Aranda Investments, a unit of Singapore's Temasek Holdings, a top official said.
"Aranda Investments, an affiliate of Temasek Holdings, the investment arm of Singapore government, has purchased shares in a block deal today. This is the first investment by the company in the Indian real estate space," J.C. Sharma, managing director, told Reuters over the telephone.
Earlier in the day, 4 million shares, or 4 percent of the company's equity, changed hands in a block deal at 251 rupees a share."
read more: Reuters
2/3/2010
ST Telemedia to buy Malaysia U Mobile stake-paper
Interactive Investor reports that "Singapore's ST Telemedia, a unit of investment company Temasek, is to buy Malaysian tycoon Vincent Tan's 33 percent stake in Malaysian 3G company U Mobile, the Star newspaper reported on Wednesday.
The Star said the deal by ST Telemedia, the parent of StarHub , for the Malaysian company which is one of the four 3G spectrum holders here, could be worth 626 million ringgit ($183.5 million). U Mobile was not immediately available for comment, while a spokeswoman for ST Telemedia declined direct comment but said the company was always on the lookout for growth opportunities.
"We see potential in the telecoms market in Malaysia and we are keen to participate in that growth and development," she said."
read more: Interactive Investor
12/17/2009
Hopu Said to Invest at Least $400 Million in Chinese Insurer
Bloomberg reports that "Hopu Investment Management Co., the China-focused fund backed by Singapore’s Temasek Holdings Pte, bought at least $400 million of stock in China Pacific Insurance (Group) Co., said three people familiar with the matter.
The private-equity fund bought about 13 percent of the $3.1 billion of shares China Pacific Insurance and a shareholder sold yesterday, the people said, asking not to be identified because the matter is confidential. China’s third-biggest insurer sold stock in Hong Kong at HK$28 apiece. Hopu, the $2.5 billion fund run by Goldman Sachs Group Inc.’s China partner Fang Fenglei, made its first investment in an insurer after buying shares in Bank of China Ltd. and China Construction Bank Corp this year. Bank of China has more than doubled in Hong Kong trading since Hopu bought a stake from Royal Bank of Scotland Plc in January. "
read more: Bloomberg
11/14/2009
Mexico says Temasek interested in financials, ports
Reuters reports that "Mexico said on Saturday President Felipe Calderon held talks with Singapore wealth fund Temasek over possible investments in the financial sector and ports in the Latin American country. 'The chairman of Temasek expressed the interest of his group in investing in Mexico, in diverse projects such as the financial sector and ports,' the government said in a statement.
Calderon was in Singapore for an meeting of Asia Pacific leaders.
The Singapore state investor has said it sees potential in Latin America and is comfortable with financial services as its core portfolio."
read more: Reuters
11/2/2009
Temasek eyes AXA China stake, valued at $1.05 billion
Reuters reports that "Singapore state investor Temasek, Blackstone Group and KKR are among the firms expected to submit first-round bids for AXA's stake in Taikang Life, sources said on Monday, an investment that te French insurer values at $1.05 billion. Taikang's total assets are worth $28.12 billion, according to an auction-related document obtained by Reuters. The sale document says that Taikang has a 7.9 pct market share in China's life insurance market as of 2008. The document also says that AXA's 15.6 stake is worth $1.05 billion. AXA officials in Hong Kong were not immediately available for comment. Blackstone and KKR were also not immediately available for comment. Temasek declined to comment."
read more: Reuters
9/16/2009
Temasek Review 2009
Press release states that "In its 35 th anniversary year, Temasek Holdings (Private) Limited (“Temasek”) today released its Temasek Review 2009 for the latest financial year ended 31 March 2009. Published every year since 2004, the Temasek Review provides the company's group financial summary, as well as portfolio and investment highlights .
As an exempt private company under the Singapore Companies Act, Temasek is not required to publish its financials. Temasek provides audited financial report to its shareholder annually.
As at 31 March 2009, Temasek's portfolio value stood at S$130 billion by market value, up from S$90 billion five years ago . Five-year TSR was 6% by market value, and 11% by shareholder funds, impacted by the one-year TSR of negative 30% by market value, and negative 18% by shareholder funds. Temasek's long-term TSR since inception remained a healthy 16% by market value and by shareholder funds.
Temasek delivered a consolidated Group net profit of S$6 billion – about one third the record S$18 billion for the preceding financial year. The drop in Group profit reflected the lower contributions from both its portfolio companies and Temasek's investment activities.
Temasek has a healthy book value of S$118 billion, up 80% from March 2004. The underlying exposure of its portfolio was 31% in Singapore, 43% in the rest of Asia (27% in North Asia, 9% in ASEAN, 7% in South Asia), 22% in OECD economies, and 4% in new markets such as Latin America, Russia and other regions.
Mr Dhanabalan, Chairman of Temasek Holdings said, “The markets have steadied since March this year. Our portfolio value and TSR have recovered broadly in line with the markets. Taken over the longer periods, our portfolio performance has been creditable.”
He continued, 'So, d espite a year of extreme volatility, we are confident that we have a robust portfolio for the long term.'"
read more: Press Release
8/19/2009
Temasek CEO ideally Singaporean
Asia One reports that "Temasek Holdings' chief executive officer should ideally be Singaporean, Minister of Finance Tharman Shanmugaratnam said in Parliament yesterday.
'Everything else being equal, when you look at two candidates who are equally suitable for the job, I think we should prefer to have the Singaporean.'
He was responding to a query from MP Lim Biow Chuan (Marine Parade GRC), which had been prompted by last month's surprise resignation of American Charles Goodyear as Temasek's CEO-designate. Whether the CEO is Singaporean is not a trivial question, and has been debated very carefully by the Cabinet, Mr Tharman said. But other factors besides nationality have to be considered, he explained."
read more: Asia One
6/1/2009
13.76% stake in Olam
Olam To Raise S$437.5 Million By Way Of A Subscription Of 273.46 Million New Ordinary Shares By Temasek Holdings For A Stake Of Approximately 13.76%.
read more: Olam Press Release
5/29/2009
Temasek Portfolio Lost $39.91 Billion from the end of March 2008 to November 2008
The Wall Street Journal reports that, "Singapore's state-owned investment company Temasek Holdings Pte. Ltd. lost 58 billion Singapore dollars (US$39.91 billion) from the end of March 2008 to November 2008, or a little over than half of its portfolio-value gains from the previous five years, the city-state's finance minister said. Tharman Shanmugaratnam, speaking in parliament, said Temasek's investment portfolio grew by S$114 billion during the market cycle from 2003 to 2007. Temasek's portfolio-value fall from March to November 2008 was in large part due to the decline in value of investments in Singapore amid a sharp downturn in global equity markets, he said."
read more: Wall Street Journal
5/27/2009
Open up jobs in Sovereign Wealth Fund stakes
Straits Times reports that, "the Government should allow Singaporeans to work in the companies its sovereign wealth funds like Temasek and Government Investment Corporation have a substantial stake in, a Member of Parliament advocated on Wednesday. MP for Tampines GRC, Sin Boon Ann said Singapore should 'make better use of these investments to work harder for us' and not merely remain as a 'passive investor' as in most cases."
read more: Straits Times
5/15/2009
Temasek Sells Entire Stake in Bank of America
Bloomberg reports that, "Temasek Holdings Pte, a Singapore state-owned investment company that bought stakes in Merrill Lynch & Co. and Barclays Plc amid the global financial crisis, has sold its stake in Bank of America Corp. Temasek had received shares in Bank of America after the U.S. bank bought Merrill Lynch & Co. The investment company had paid about $5.9 billion for a 14 percent stake in Merrill Lynch.
'We have divested our shares in Bank of America,' Temasek said in an e-mailed response to Bloomberg News queries."
read more: Bloomberg
11/14/2008
FountainVest raises $1 billion China fund, Temasek helps
Reuters reports that, "FountainVest Partners, backed by Singapore's Temasek Holdings, said on Thursday that it had raised nearly $1 billion for its first China-focused private equity fund despite the global financial market turmoil. FountainVest, whose top management team includes four former senior Temasek executives, aims to complete 15 to 20 investments in China in the next four to five years, a statement said.It will target investments between $50 million and $150 million for each deal and focus on emerging industry leaders who can benefit from China's transformation in terms of consumption, urbanization and sustainable development."
read more: Reuters
8/21/2008
Temasek might buy more Merill Lynch
According to Bloomberg, " Temasek Holdings Pte, the biggest shareholder in Merrill Lynch & Co., may acquire a larger stake in a bet the U.S. securities firm will rebound.
'If there's an opportunity, we would like to look at it,' S. Dhanabalan, chairman of the Singapore state-owned investment company, said in a speech in the city state today. 'Whether we do it depends on our assessment and risk diversification.'
read more: Bloomberg
8/19/2008
German Hapag-Lloyd workers march against NOL takeover
Nearly 300 workers from German shipping group Hapag-Lloyd protested on Tuesday against a possible takeover by Singapore's NOL a day before the cabinet is due to pass a law to shield domestic firms from foreign buyers. Singapore's Neptune Orient Lines (NEPS.SI: Quote, Profile, Research, Stock Buzz) and a group of Hamburg investors are on the short list to buy Hapag-Lloyd, the world's fifth largest container shipping group and a unit of Germany's TUI (TUIGn.DE: Quote, Profile, Research, Stock Buzz), Europe's biggest travel firm. If NOL is successful, the deal would create the world's third-largest container carrier. But the offer by NOL, 66 percent owned by Singapore state investor Temasek Holdings [TEM.UL], has caused concern in Germany, not least about possible job cuts, and the government has welcomed the Hamburg bid to keep the firm in German hands.
read more: Reuters
7/15/2008
Singapore's Mapletree Investments to hold IPO soon
According to Hemscott, “Property company Mapletree Investments Pte Ltd, a fully-owned unit of Singapore's state-owned Temasek Holdings, may hold an initial public offering soon, the Business Times reported on Monday.
Mapletree Investments could have a market capitalization of above S$5 billion based on recent valuations, the newspaper said.
'We are ready for an IPO in terms of our business profile and track record. However, the decision to IPO the company will rest with our board and shareholders,' a Mapletree spokesperson said.”
read more: Hemscott
7/8/2008
Temasek Holdings puts Senoko up for sale
According to Bloomberg, “Temasek Holdings Pte, Singapore's government-owned investment company, put the city-state's largest utility up for sale after an auction of a smaller generator this year drew bids from groups that included banks.
The sale of Senoko Power Ltd. will be completed by the end of 2009, Temasek said in a statement today. In March, Beijing- based China Huaneng Group agreed to pay S$4.24 billion ($3.1 billion) for Tuas Power, the smallest of Temasek's three power generators that supply 90 percent of the country's electricity.”
read more: Bloomberg
5/28/2008
Temasek looks for investments in Mexico, Brazil
Singapore sovereign fund Temasek [TEM.UL] said on Wednesday it is looking for investments in Brazil and Mexico to tap growth in Latin America's emerging economies and booming demand for commodities. The move underscores the state investment firm's recent focus outside its core Asian market, which excluding Japan accounted for 78 percent of its S$164 billion ($120.5 billion) portfolio last year.
read more: Reuters
4/22/2008
Singapore's Temasek creates oil subsidiary to diversify
According to Reuters, "Singapore state investor Temasek Holdings has set up an oil exploration subsidiary to help diversify its financials-heavy portfolio, entering a sector crowded with national oil companies and majors."
read more: Reuters
3/29/08
Maybank at 6 year low after analysts say BII offer overpriced
Malayan Banking Bhd. fell the most in more than six years in Kuala Lumpur trading after analysts said a $2.7 billion offer for PT Bank Internasional Indonesia is overpriced and will undermine its ability to pay dividends. Malaysia's biggest bank dropped 55 sen, or 6.2 percent, to 8.40 ringgit at the 5 p.m. close on the city's stock exchange, the steepest decline since Sept. 21, 2001. Citigroup Inc. and Morgan Stanley cut their ratings on the stock.
read more: Bloomberg
3/29/08
Temasek says investors passed "the point of maximum fear" regarding global credit squeeze
Temasek Holdings Pte's fund management unit said investors have passed "the point of maximum fear" amid the global credit squeeze and it expects to meet a target of US$3 billion in assets by June. Fullerton Fund Management, which oversees US$2.5 billion of third-party money and an undisclosed amount of capital for Singapore's sovereign wealth fund, saw the U.S. Federal Reserve's decision to rescue Bear Stearns Cos. from bankruptcy as a turning point, Fullerton's Chief Executive Officer Gerard Lee said.
read more: China Post
3/29/08
Temasek sells Bank Internasional Indonesia stake to Maybank for US $1.5 billion
Singapore state-linked investment company Temasek Holdings said Wednesday it has agreed to sell its 75 percent stake in Sorak Financial Holdings Pte Ltd, an investment vehicle that holds a 56 percent stake in Bank Internasional Indonesia (BII), to Malaysia's Malayan Banking Bhd (Maybank) for 1.5 billion US dollars. "The strategic and financial rationale for the acquisition is extremely compelling. The acquisition will transform our growth prospects in Indonesia and is a huge step forward in our strategy to regionalize our operations through investments in selected high-growth markets," said Aminuddin Desa, acting chief executive of Maybank.
read more: Trading Markets
3/20/08
Temasek invests $100 Million in 9You Online Games
Chinese online games operator 9You announced today that the company has received $100 million in equity investment from Temasek Holdings and other investment institutions. The investment came after 9You’s launch of GTown, a virtual world integrating 9You’s existing online games. 9You says the investment will help the company to continue transforming its business into an entertainment virtual community. Founded in 2003, 9You is currently operating one of China’s most popular online casual games Audition. By February 2008, the company’s games combined have more than 1 million peak concurrent users. The company is planning an IPO later this year.
read more: Redline China
3/17/08
Temasek Holdings sells Power Plant
Singapore's state-owned investment company Temasek Holdings Pte. Ltd. said Friday it has sold a power plant to a Chinese power producer for 4.235 billion Singapore dollars ($3 billion). Temasek sold Tuas Power Ltd. - one of three power generation companies that Temasek has for sale - to China Huaneng Group through a bidding process, and expects the transaction to be completed by March 24, it said in a statement.
read more: Forbes
2/13/08
Temasek raises stake in Standard Chartered
In response to a recent downfall for the banking industry, Temasek Holdings has raised its stake in volatile shares of Standard Chartered plc past 20 percent.
Website
Temasek Site
Transcript of Questions and Answers from the Media Conference
26 August, 2008, Singapore
Major Direct Foreign Investments (Public)
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