Temasek Holdings

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Temasek Holdings Pte Ltd
Investment company / Sovereign wealth fund
Industry Investment Management
Founded 1974
Headquarters Singapore
Key people
Lim Boon Heng ,[1] Chairman
Ho Ching,[1] Executive Director & CEO
Revenue Increase $83.8 billion SGD (2013)[2]
Increase $15.2 billion SGD (2013)
Total assets Increase $317.4 billion SGD (2013)
Owner Government of Singapore

Temasek Holdings Private Limited (abbreviated as Temasek) is a state-owned holding company that can be characterized as a National Wealth Fund owned by the Government of Singapore. Incorporated in 1974, Temasek owns and manages a net portfolio of S$242 billion[3] (US$180 billion; as of 31 March 2016), mainly in Singapore and Asia.[4] It is an active shareholder and investor, and its portfolio covers a broad spectrum of sectors including financial services, telecommunications, media and technology, transportation and industrial, life sciences, consumer, real estate, as well as energy and resources. Temasek has a multinational team of over 580 people, in 11 offices globally including Singapore [5] and New York.[6]

Temasek is commonly referred to as a sovereign wealth fund, particularly by the press and research outlets based outside Singapore.[7] However, it has frequently disputed this terminology, and prefers to be referred to as an investment company, because it invests mostly in equities, is the outright owner of many assets, and pays taxes like other commercial investment firms.[8] However, its sole shareholder (to which it distributes dividends) is Singapore's Ministry of Finance. A spokesman for the Ministry of Finance has previously noted that even though "there is still no universally accepted definition of sovereign wealth funds", Temasek is required to abide by international guidelines for sovereign wealth funds.[9] Beginning in 2015, capital gains from Temasek are included in Singapore's government budget, contributing approximately S$3 billion [10] to the 2015 budget.

Apart from Temasek, the Government of Singapore owns another sovereign wealth fund: GIC Private Limited, which manages an estimated US$330 billion and is funded by Singapore's foreign reserves.

Temasek is one of a few global firms assigned with the highest overall corporate credit ratings of "AAA" by Standard & Poor's[11] and "Aaa" by Moody's.[12] Temasek has also attained perfect quarterly scores[13] on the Linaburg-Maduell Transparency Index, a measure of the openness of government-owned investment funds. However, the purported difficulty in measuring transparency of sovereign wealth funds should mean that the existence of such an index itself is highly questionable.[14]



At the point of Singapore's independence in August 1965, the Government of Singapore had ownership or joint ownership of various local companies, such as Malaysia-Singapore Airlines (later split up into Malaysia Airlines and Singapore Airlines) and the Singapore Telephone Board (which became Singapore Telecommunications). As part of its push for local and foreign private investment in sectors such as manufacturing and shipbuilding, the government's Economic Development Board (EDB) also bought minority stakes in a variety of local companies.[15] During the first ten years after independence, the government acquired or established several companies,[16] such as the Keppel Corporation (originally Keppel Shipyard, taken over from the Royal Navy after the British military withdrawal from Singapore), ST Engineering (originally a weapon manufacturer set up to supply the Singapore Armed Forces), and the shipping company Neptune Orient Lines.

In 1974, Temasek was incorporated under the Singapore Companies Act[17] to hold and manage the assets previously held directly by the Singapore government. The goal was for Temasek to own and manage these investments on a commercial basis,[18] allowing the Ministry of Finance and the Ministry of Trade and Industry to focus on policymaking. Temasek's established mission was to contribute to Singapore's economic development, industrialisation, and financial diversification by nurturing effective and commercially driven strategic investments in and around Singapore.


Temasek is a company incorporated in Singapore, and operates under the provisions of the Singapore Companies Act. It is neither a government agency nor a statutory board. Like any other commercial company, Temasek pays taxes to tax authorities, distributes dividends to its shareholder and has its own board of directors and a professional management team. Its sole shareholder is Singapore's Ministry of Finance.

Temasek is designated a Fifth Schedule[19] entity under the Singapore Constitution, which imposes certain safeguards to protect the government's past reserves. For instance, the approval of the President of Singapore is required for any transaction which is likely to result in a draw-down of Temasek's cash reserves.[20] The President also has the right to appoint, terminate, or renew the members of Temasek's board of directors. In most other respects, however, Temasek operates as an independent commercial investment holding company.

In a 2009 speech,[21] Ho Ching, Temasek's Executive Director and CEO, said that the company had made an effort to instill discipline and professionalism, and to be tested and measured by providing public markers of performance. She noted that Temasek's bonds spreads and credit ratings have been regularly[22] and independently[23] monitored as public markers of Temasek's financial position and credit risks. Temasek had also openly[24] and accurately[25] disclosed its financial information through its annual report (although Ho said that, as a private company, it was not legally obliged to do so).

Initial holdings[edit]

Temasek's initial portfolio of S$354 million comprised shares in the following companies, start-ups and joint ventures previously held by the Singapore Government. The companies included a bird park, a hotel, a shoe maker, a detergent producer, naval yards converted into a ship repair business, a start-up airline, and an iron and steel mill. The companies in bold below are still within the Temasek portfolio.

  1. Acma Electrical Industries
  2. Cerebos Singapore Pte Ltd
  3. Chemical Industries (F.E.) Ltd
  4. Development Bank of Singapore Ltd (Now part of DBS Group Holdings)
  5. Instant Asia Cultural Shows Pte Ltd
  6. Insurance Corporation of Singapore Ltd
  7. International Development and Construction Corporation
  8. Intraco Ltd
  9. Jurong Bird Park Pte Ltd (Now part of Wildlife Reserves Singapore)
  10. Jurong Holdings Pte Ltd (Now part of Sembcorp Industries Ltd.)
  11. Jurong Shipbuilders Pte Ltd (Now part of SembCorp Marine)
  12. Jurong Shipyard Pte Ltd
  13. Keppel Shipyard Pte Ltd
  14. Metrawood Pte Ltd
  15. Ming Court Hotel Ltd (Now already part of Far East Orchard)
  16. Mitsubishi Singapore Heavy Industries Pte Ltd
  17. National Engineering Services Pte Ltd
  18. National Grain Elevator Ltd
  19. National Iron & Steel Mills Ltd
  20. Neptune Orient Lines
  21. Primary Industries Enterprises Pte Ltd (Now part of SATS Ltd.)
  22. Sembawang Holdings Pte Ltd
  23. Singapore Airlines
  24. Singapore Airport Duty-Free Emporium Pte Ltd (Now jointly owned by Singapore Airlines Limited and SATS Ltd.)
  25. Singapore Cable Car Pte Ltd
  26. Singapore General Aviation Service Company Pte Ltd
  27. Singapore National Printers Pte Ltd
  28. Singapore Offshore Petroleum Services Pte Ltd
  29. Singapore Textiles Industries Ltd
  30. Singapore Treasury Building Pte Ltd
  31. Singapore Zoological Gardens (Now part of Wildlife Reserves Singapore)
  32. Singmanex Pte Ltd
  33. Sugar Industry of Singapore Ltd
  34. United Industrial Corporation Ltd
  35. United Vegetable Oil Pte Ltd

Timeline of investments[edit]

Based on publicly available information, Temasek's investment and divestment activities include, but are not limited to the following:


  • In June 2016, Temasek tendered their shares in Neptune Orient Lines (NOL) as part of the Voluntary General Offer made by CMA CGM in December 2015.[26]
  • In June 2016, Temasek invested an additional US$500 million in Alibaba shares.[27]
  • In January 2016, Temasek set up Mandai Safari Park Holdings to further develop concepts for the rejuvenation of Mandai and seek the appropriate approvals for the project, as well as integrate the operations of Singapore's existing nature-based attractions, under the long-standing ownership of Wildlife Reserves Singapore.[28]
  • In March 2016, InnoVen, the first venture debt financing platform for high growth startup companies in India, China, and South East Asia, signed its first financing agreements in South East Asia, with loans totalling US$5 million to Malaysia-based KFit Holdings, an e-commerce health and fitness company; and Thailand-based Pomelo Fashion, an e-commerce fashion company.
  • Heliconia Capital, an investment firm that focuses on growth-oriented Singapore companies, continued to deploy capital from its SME Co-Investment Fund and SME Growth Mezzanine Fund.[29]
  • In 13 July 2016, ONE Championship, Asia's largest sports media property, received a significant investment from Heliconia Capital Management, a subsidiary of Temasek Holdings [30]


  • In February 2015, it was reported that Temasek sold 7.3 million shares in Alibaba Group Holding in the fourth quarter as the Chinese Internet firm's shares rallied following its initial public offering in September.[31]
  • In February 2015, the firm entered an agreement with Industrial landlord JTC Corporation to merge four of their subsidiaries into a single platform. worth $5 billion.[32]
  • In March 2015, the firm joined Hotel Properties Ltd (HL) and three other partners to buy two prime central London properties for £308 million (S$628.53 million) for a residential and office tower development.[33]
  • In April 2015, the firm announced a planned investment of 9.45 billion rupees ($151.39 million) in Glenmark Pharmaceuticals Ltd through its wholly owned subsidiary Aranda Investments.[34]
  • In June 2015, it joined European private equity fund CVC to buy a controlling stake in the pharmaceutical firm Alvogen.[35]
  • In June 2015, it was reported that the firm is investing $40m in Hello, a three-year-old company founded by James Proud.[36]
  • In July 2015, it was reported that the firm joined Facebook co-founder in new venture capital fund, Golden Gate Ventures Fund II LP. id to take stakes in technology companies in Southeast Asia.[37]
  • In October 2015, it was announced that the company has committed, as an investment partner, to the Dell acquisition offer for EMC Corporation[38]


  • In February 2014, it was reported that Temasek was seeking to sell its US$3.1 billion stake in the Thailand-based telecoms firm Shin Corporation and that it has approached SingTel as a potential buyer.[39] Temasek and SingTel declined comment, noting that it was not their policy to respond to market speculation.[39]
  • In March 2014, Ophir Energy reported that Temasek subsidiary Pavilion Energy had acquired a 20% interest in a joint venture to exploit Blocks 1,3 and 4 offshore Tanzania, for the development of LNG resources for a total consideration of US$1.293bn.[40]
  • In April 2014, Temasek made a US$5.7 billion investment for a 24.95% stake in A.S. Watson,[41] a global health and beauty retailer with over 11,600 retail outlets in Asia and Europe. Temasek also made an investment of €425 million to NN Group,[41] a Dutch insurance company.
  • In May 2014, Temasek raised its stake in Olam, a global supply chain manager and processor of agricultural products and food ingredients, to 58.5% through Temasek's wholly owned subsidiary, Breedens Investments.[42]


  • In February 2013, Temasek invested US$300 million for a 26.1% stake of PT Matahari Putra Prima (MPPA),[43] a subsidiary of the PT Multipolar (MLPL)[44] holding company, through its indirect wholly owned subsidiary, Anderson Investments. Temasek also increased its stake in Olam[45] to 21%.
  • In March 2013, Temasek bought a 5.04% stake in Repsol SA[46] (16.01 euros per share), making this Singapore's largest investment in Spain. During the same period Temasek invested in Tiger Airways, a budget carrier headquartered in Singapore,[47] in HealthCare Global Enterprises (HCG),[48] a Bangalore-based cancer care provider, and in Evonik Industries AG,[49] a German specialty chemicals company.
  • In April 2013, Temasek established Pavilion Energy Pte. Ltd.[50] to invest in clean energy, especially around the LNG supply chain.
  • In May 2013, Temasek increased its stake in the Industrial and Commercial Bank of China (ICBC)[51] and invested in Markit,[52] a leading global financial information services company.
  • In June 2013, Temasek invested in Fanatics, Inc.,[53] a US sports apparel online retailer, and in Celltrion,[54] a South Korean biotechnology firm.
  • In July 2013, Temasek and Goldman Sachs jointly invested US$110 million through private placements in Chinese online literature platform Cloudary.[55] Temasek also raised its shares in CITIC Securities Co.,[56] China's largest listed brokerage firm, from 8.95% to 9.01%.



  • In January 2011, Temasek acquired a total of 65.126 million new shares (S$90 million) in Asian Citrus Holdings Limited,[71] one of the largest Chinese orange growers and tropical fruit juice suppliers.
  • In February 2011, Temasek invested more than S$200 million in ACR Capital, a pan-Asia reinsurer.[72]
  • In March 2011, Temasek invested over S$100 million in the first container port business trust listed on the Singapore Exchange, Hutchison Port Holdings Trust.[73]
  • In May 2011, Temasek, Pfizer, Guoco Group, and the Bank of China Group Investment bought a total of $550 million shares in Shanghai Pharmaceuticals Holding Co.. Temasek also partnered with RRJ Capital and anchored a consortium that purchased a 70% stake in Frac Tech, a US-based company providing well stimulation services.
  • In June 2011, Temasek partnered with Khazanah Nasional Berhad to form a 40:60 joint venture, M+S Pte Ltd, to develop landmark projects in Singapore's Marina South and Ophir-Rochor. Temasek also invested US$55 million in Hoang Anh Gia Lai, a resources and real estate conglomerate with operations in Indochina.[74]
  • In September 2011, Temasek invested S$50 million in Alibaba Group,[75] China's largest e-commerce website and bought 4.4 billion shares in China Construction Bank Corp., raising its stake to 8.10%.[76]


  • In February 2010, Temasek injected S$210 million into Surbana to support their growth plans and took up a 4% stake in Sobha Developers, a developer in South India.[77]
  • In March 2010, Temasek invested nearly $50 million in Amyris Biotechnologies Inc, the US parent of Amyris Brasil, a Brazilian company which produces biofuels and other chemicals from sugarcane.[78] Temasek also invested S$200 million in Platmin, a Canadian-listed platinum producer with assets in South Africa.[79]
  • In April 2010, Temasek invested S$687 million in Inmet Mining, a Canadian copper producer with operations in six countries,[80] and invested $257.4 million for a 10% stake in Celltrion, a Korean biopharmaceutical company developing biosimilars (generic biotech drugs) for both emerging and developed markets.[81] Temasek's investment in GMR Energy[82] also gave Temasek a S$280 million exposure to India's growing power sector.
  • In May 2010, Temasek invested S$240 million in India's premier multi-asset class exchange, the National Stock Exchange of India.[83] Temasek also invested S$700 million in Chesapeake Energy Corporation, the second-largest producer of natural gas in the USA.[84]
  • In July 2010, Temasek partnered with Impulsora Mexicana de Desarrollos Inmobiliarios in Mexico and committed over S$100 million to pursue land banking opportunities through the joint investment Supra Terra.[85]
  • In August 2010, Temasek invested S$50 million in Tudou, a Chinese online video site.[86]
  • In October 2010, Temasek purchased a 14% stake in Odebrecht Oil & Gas, an upstream services provider for the oil industry, for $400 million.[87]
  • In December 2010, Temasek invested in New China Life, a Beijing-based insurer.


  • In January 2009, Temasek sold its close to 2% stake in British bank Barclays.[88]
  • In February 2009, Temasek offered new shares via the $335 million rights issue by the Indonesian Bank Danamon.[89]
  • In March 2009, Temasek sold its 3.8% stake in Bank of America Corp[90] and all of its 3.26% stake in China's Minsheng Bank.[91]
  • In June 2009, Temasek re-invested S$438 million in Singapore-based Olam International for a 13.8% stake.[92] Temasek also supported the planned S$1.4 billion ($972 million) rights issue by Neptune Orient Lines (NOL).[93]
  • In September 2009, Temasek took up its full pro-rata 27.77% of the S$235.2 million rights issue by CitySpring Infrastructure Trust[94] and sold its stake in Chartered Semiconductor Manufacturing Ltd., a maker of customised semiconductors.[95]
  • In October 2009, Temasek invested $50 million in Longfor Properties Co Ltd, a real estate developer in Hong Kong,[96] and invested S$21 million (US$15million) in Li & Fung Trinity Limited, a luxury menswear retailer in Hong Kong.[97]
  • In November 2009, Temasek invested S$418 million in the convertible debentures of Niko Resources, a Canadian-listed oil and gas company with assets in Asia,[98] and invested S$343 million for a 12% stake in Seoul Semiconductor, a Korean light emitting diode (LED) company.[99]



  • In February 2007, Temasek set up and listed the CitySpring Infrastructure Trust,[109] a yield-oriented vehicle for infrastructure investments in Asia and took advantage of the increasing depth of the debt market to introduce different risk-related securities through Astrea,[110] a special purpose vehicle holding a portfolio of investments in private equity funds.
  • In May 2007, Temasek raised its stake in STATS ChipPAC[111] from 35% to 83% following a voluntary cash tender offer for the company in March 2007, thus providing greater exposure to the semiconductor sector. Temasek also completed its investment in childcare services with a 12% stake in ABC Learning Centres,[112] which operates childcare centres in Australia, New Zealand, the UK, and USA and invested in MEG Energy, one of the largest Canadian oil sands developers.
  • In June 2007, Temasek invested in Russia at the initial public offering of the PIK Group,[113] an important residential real estate developer, and took a 10% stake in Minh Phu Seafood Joint-Stock Company,[114] a shrimp processor and exporter in Vietnam with exports to US, Japan, Canada, EU, and Australia. Temasek also expanded its platform in NIB Bank of Pakistan through the acquisition of the Pakistan Industrial Credit & Investment Corporation Ltd (PICIC).[115]
  • In August 2007, Temasek invested in the Pacific Road Resources Fund,[116] an Australia-based specialised resources fund focused on investing in mining projects in Asia Pacific, South America and OECD economies. Temasek also invested in Indochina Capital[117] 's Vietnam-dedicated real estate funds to acquire and develop office, retail, residential, and hotel as well as resort properties.
  • In China, Temasek invested over S$1.6 billion to back emerging champions such as Country Garden,[118] a property developer, Xingyu Hengdeli,[119] a luxury watch retail chain, and Yingli Green Energy,[119] a solar equipment producer. Temasek also invested in Lian Lian Holdings Ltd, a provider of low-cost platform for mobile micro-payments, and in Great Wall Airlines,[120] A 3-way joint venture between Beijing Aerospace Satellite Applications Corporation, Singapore Airlines, and Temasek.
  • In India, Temasek's investments in emerging champions such as ICICI Bank[121] and BPO company Firstsource Solutions[122] complemented newer investment commitments in Tata Sky,[123] a provider of Direct-to-Home digital satellite TV services, and INX Media,[124] a new television broadcaster. Temasek also made a commitment to invest in GVK Power and Infrastructure Limited,[125] both infrastructure development companies.


  • In January 2006, Temasek joined a consortium of Thai investors to invest in Shin Corp[126] and co-invested with Istithmar PJSC of Dubai in Thailand's healthcare sector, each taking about 6% in Bumrungrad Hospital,[127] one of the largest hospitals in Southeast Asia.
  • In March 2006, Temasek placed out 770 million SingTel ordinary shares worth over S$2 billion[128] and completed its purchase of an 11.5% stake in Standard Chartered from the Tan Sri Khoo Teck Puat Estate.[129] Temasek also participated in the restructuring of China Aviation Oil with a minority co-investment stake alongside oil major BP[130] and invested in Tata Teleservices, one of India's telecom service providers.[131]
  • In March 2006, Temasek also invested some US$400 million in the E.Sun Financial Holding Company, the holding company of Taiwan's E.Sun Commercial Bank,[132] and acquired a 9.95% Stake in i-Logistics,[133] a Japanese logistics firm with core capabilities in international and multi-modal distribution services.
  • In April 2006, Temasek made a follow-on investment in ICICI OneSource, one of India's leading BPO providers and expanded its exposure to infrastructure in India by partnering Reliance Energy for a 50% stake in the US$200 million Reliance India Power Fund.[134] Temasek also made a minority investment in Aptuit,[135] a contract research company providing pre-clinical development services and clinical trial materials.
  • In May 2006, Temasek invested US$106 million in eMobile,[136] a Japanese wireless services provider, and completed its investment in Neumayer Tekfor, a global producer of precision automotive parts.
  • In August 2006, Temasek acquired 30% of PT Chandra Asri,[137] an Indonesian producer of ethylene, a key feedstock for petrochemical products.
  • In October 2006, Temasek invested in Intercell AG[138] of Austria and Vical Inc[139] of USA, both of which have platform technologies for the development of vaccines.
  • In December 2006, Temasek made a substantial investment in food and beverage with a 15% stake in Fraser and Neave,[140] a Singapore-based food and beverage enterprise with significant reach in the region. Temasek also took a 9% stake in the first Vietnam-focused infrastructure fund, Vietnam Infrastructure Limited, a closed-end AIM-listed fund managed by VinaCapital.


  • In January 2005, Asia Financial Holdings, a wholly owned subsidiary of Temasek, acquired a 5% stake in China Minsheng Banking Corporation (Minsheng), China's first privately owned bank.
  • In March 2005, Temasek's Aranda Investments acquired 5.5 million shares in Mahindra & Mahindra,[141] a utility vehicle and tractor manufacturer in India. Temasek's AFH also completed its first investment in Malaysia's banking sector, partnering Langkah Bahagia to jointly purchase a 30% stake in Malaysian Plantations,[142] the 100% shareholder of Alliance Bank Berhad. Also in March 2005, AFH made its first direct investment in Pakistan, with a 25% stake in the listed NDLC-IFIC Bank (NIB).[143]
  • In April 2005, Temasek joined a US$100 million consortium led by Rolls-Royce to develop high temperature solid oxide fuel cells for one to two megawatt power systems.[144]
  • In May 2005, Temasek took a 24% stake in Great Wall Airline Co.,[145] a cargo airline venture with SIA Cargo (25%) and China Great Wall Industry Corp (51%).
  • In June 2005, Temasek invested $7.5 million in Apollo Healthstreet,[146] a medical business process outsourcing and IT services company that specialises in servicing US-based clients, and partnered Zuellig and Quintiles to form a pharmaceutical sales and commercialisation joint-venture, Asia Pacific Pharmaceutical Holdings (APPH).[147]
  • In July 2005, AFH increased its stake in NIB to 73% through a general offer to minority shareholders[148] and signed a definitive agreement with the China Construction Bank (CCB)[149] to invest US$1 billion in its upcoming Initial Public Offering (IPO).
  • In August 2005, AFH purchased a 5.1% stake in CCB from the majority owner, China SAFE Investments Ltd., and announced its agreement to acquire a 10% interest in Bank of China. Temasek also invested US$1.5 billion for a 5% stake in China Construction Bank[149] and acquired an 8.3% stake in Hopson Development Holdings,[150] a developer of residential properties.
  • In September 2005, Temasek took a 50% stake in SingSpring Pte Ltd,[151] a desalination facility in Singapore, and took a 5% in Kinh Do,[152] a Vietnamese confectionery maker with a 50% market share who also distributes its products into Cambodia.
  • In October 2005, Temasek acquired 25% of Medreich,[153] a pharmaceutical firm which provides drug formulation and manufacturing services for a wide range of generic products to global pharmaceutical companies. Temasek also co-invested with J. W. Childs, an American private equity firm, in an investment consortium led by Osim to acquire Brookstone,[154] a specialty retailer across the USA.
  • In November 2005, Temasek co-invested with Cargill in oil palm plantations in Indonesia and Papua New Guinea through a joint-venture company, CTP Holdings,[155] and committed US$10million in a venture capital fund, GSR Ventures, to fund wireless, Internet, new media, semiconductor, and other technology-rich companies in China.
  • In December 2005, Temasek partnered Troika Dialog Asset Management with an initial total commitment of US$150 million to establish the Russia New Growth Fund LP to seek out investments in Russia and in countries of the former Soviet Union.[156] Temasek also participated as a cornerstone investor in the initial public offering of China's Dongfeng Motor Group.
  • Also in December 2005, Temasek co-invested with Silver Lake Partners and KKR, two American private equity firms, in the US$2.7 billion carve-out of the Semiconductor Products Group of Agilent Technologies to form Avago Technologies, which manufactures analogue and optoelectronic components. Temasek also invested US$1.5 billion for a 5% stake in Bank of China.[157]


  • Temasek made its maiden investment in Russia, with a 3% stake in London-listed company Mobile Telesystems.[158]
  • Temasek also acquired a number of small pre-IPO and IPO stakes in various emerging players, particularly in the on-line and technology space such as SOMA Networks,[159] a US-based provider of wireless broadband equipment, and Harbour Networks, a Chinese manufacturer of Internet Protocol-based next generation network equipment.
  • In March 2004, Temasek made its first major direct investment in Malaysia with a 5% stake in Telekom Malaysia,[160] the country's pioneer telecommunications provider, and made its first investment in airports in the Airport Authority of Thailand.
  • In April 2004, Temasek took a 19% stake in Jetstar Asia Airways, a Singapore-based low-cost carrier in partnership with Australia's Qantas Airways and two other Singapore investors.[161]
  • In August 2004, Temasek increased its stake in NOL to above 30%,[162] triggering a mandatory general offer under the Singapore Code on Takeovers and Mergers. At the close of the offer on 29 September 2004, Temasek's stake in NOL was above 68%.
  • At the end of September 2004, Temasek increased its stake in NOL[162] from approximately 29% to over 67% through a mandatory general offer.
  • ST Telemedia, a private investment holding company part of Temasek Holdings, acquired a 62% stake in US submarine cable operator Global Crossing[163] and a 33% stake in India's Idea Cellular[164] jointly with Telekom Malaysia, and became a significant shareholder in US-listed Equinix.[165]
  • In the power, energy, and natural resources fields, Temasek invested in companies such as Hyflux[166] (membrane technology for water purification) and Olam International[167] (agricultural commodity supply chain management), as part of this theme.
  • In September 2003, Temasek invested US$90 million for a 16% stake in Quintiles,[168] a provider of clinical trial and commercialisation services to the pharmaceutical and biotechnology industries. Temasek also acquired a 14% stake in Matrix Laboratories[169] of India and an 8% stake in Apollo Hospital Enterprise Limited,[170] a fully integrated private healthcare services provider in India.
  • In the IT sector, Temasek acquired a minority stake in ICICI OneSource,[171] a business process outsourcing company focused on the financial sector, and made an investment in Tata Consultancy Services, an IT services company.
  • Temasek acquired a 3% stake in China Power International[172] at its IPO at the end of 2004.


  • In June 2003, Temasek used Asia Financial (Indonesia) Pte. Ltd as proxy acquired 51% of Bank Danamon[173] shares from Indonesian Bank Restructuring Agency(IBRA), during 2003 IBRA sold another 10.88% to AFI.

Governance framework[edit]

Temasek Charter[edit]

As an institution, Temasek is guided by the Temasek Charter,[174] a set of principles that guides the company's actions.

The Charter has three main principles:

1. Temasek is an active investor and shareholder.
2. Temasek is a forward looking institution.
3. Temasek is a trusted steward.

According to the first principle, Temasek "owns and manages its assets and makes investment and divestment decisions based on commercial principles with the aim of delivering sustainable value over the long term".

According to the second principle, Temasek is a "forward looking institution with a long term perspective. Through its "MERITT values" (meritocracy, excellence, respect, integrity, teamwork, and trust),[175] Temasek aims to "foster an ownership culture which aligns employee and shareholder interests".

According to the third principle, Temasek acts as "a responsible corporate citizen that safeguards its past reserves and engages people and communities based on the principles of sustainability and good governance".

Rights and obligations[edit]

As an investment company incorporated under the Singapore Companies Act, Temasek owns and manages its assets. This means that it can make business decisions relating to its portfolio with full commercial discretion under the guidance of its Board, such as increasing, holding, or decreasing its investment holdings to achieve maximum risk-adjusted returns over the long term.

Under the Singapore Constitution, Temasek is one of the key Singapore entities with constitutional safeguards to protect its past reserves.

Key companies designated under the Singapore Constitution include the Government of Singapore Investment Corporation Pte Ltd, which manages the reserves of the Singapore Government. Other designated entities with constitutional safeguards for their respective past reserves under the Singapore Constitution are statutory Boards such as the Central Provident Fund Board and the Monetary Authority of Singapore.

Owner and shareholder[edit]

Guided by business tenets, Temasek operates with full flexibility without the involvement of its shareholders, Singapore's Ministry of Finance and the President of Singapore.

Temasek is wholly owned by the Minister for Finance, who under the Singapore Minister for Finance (Incorporation) Act (Chapter 183) is a body corporate.

As such, Temasek provides annual statutory financial statements audited by an international audit firm, as well as periodic updates to its shareholder.

Temasek is a Singapore exempt private company exempted from disclosing any financial information publicly, but chooses to publish its Group Financial Summary and portfolio performance in its annual report, the Temasek Review.

Temasek also declares dividends annually, once they are deliberated and recommended by its Board for its shareholder's consideration at the annual general meeting. Temasek contributes to the Singapore Government budget via the dividends it pays to its shareholder and the tax on its profits.

The shareholder's right to appoint, reappoint, or remove Board members is subject to the President's approval, a measure put in place to safeguard the integrity of the Board and to protect the company's past reserves.

The appointment or removal of the CEO by the Board is also subject to the concurrence of the President.

Further to its normal fiduciary duties to the Company, the Board is also accountable to the President to ensure that every disposal of investment is transacted at fair market value.

Protection of Temasek's past reserves[edit]

Simplified flow chart illustrating the different processes at play concerning access to Temasek's reserves.

According to the Singapore Constitution, Temasek's past reserves are those accumulated before the current term of Government while its current reserves are those accumulated during the current term of Government.

This means that on the eve of the first day of each term of Government, Temasek's total reserves – comprising past reserves and current reserves as at the changeover – are locked up as past reserves for the next term of Government. This cycle repeats every time there is a change in the term of Government.

The President of the Republic of Singapore has an independent custodial role to safeguard Singapore's critical assets and past reserves. As a key institution under the Singapore Constitution, Temasek is therefore required to seek the President's approval before a draw occurs on Temasek's past reserves.

Temasek's Chairman and CEO also certify the company's Statement of Reserves and Statement of Past Reserves to the President at prescribed intervals, as part of their responsibility to protect its past reserves.

Portfolio companies[edit]

Temasek is an active investor and rebalances its portfolio from time to time. Decisions to invest, divest, or hold portfolio companies are based on Temasek's intrinsic value test.

Temasek's portfolio companies are guided and managed by their respective Boards and management, which means Temasek does not direct their business decisions or operations.

As Board directors have a fiduciary duty to safeguard the interests of their respective companies, Temasek advocates that Boards be independent of management in order to provide effective oversight and supervision of management. This includes having mostly non-executive members on Boards with the strength and experience to oversee management.

Temasek also advocates that the Chairman and CEO roles be held by separate persons, independent of each other, to ensure a balance of power for independent decision-making, and a greater capacity for management supervision by the Board.

Temasek protects its interests by exercising its shareholder rights, including voting at shareholders’ meetings when needed.


Temasek's Board provides overall guidance and policy directions to its management. As at 31 August 2013, the Board comprises 10 members, the majority of whom are non-executive independent private sector business leaders.

Community engagement[edit]

Since its inception in 1974, Temasek has established 17 endowments focusing on building people, building communities, building capabilities and rebuilding lives.

The Temasek Philanthropic Platform was established in 2016 and its establishment restructured Temasek's 17 endowments into Temsaek Trust, Temasek Foundation Management Services and Temasek's six foundations.[176]

Temasek Trust[edit]

Established in 2007, with an initial endowment of S$500 million, Temasek Trust provides financial oversight and governance of Temasek's endowment gifts as an independent trustee.[177]

Temasek Trust is responsible for ensuring disciplined and sustainable disbursements of the endowments and gifts to Temasek's six foundations. The Trust may appoint third party fund managers approved by Temasek.[178]

Temasek Foundation Management Services[edit]

A new entity that was established in 2016 as part of Temasek's restructuring of its philanthropic platforms, Temasek Foundation Management Services serves to drive collaboration among the foundations and provide support services for all of Temasek's foundations.[179]

Temasek Family of Six Foundations[edit]

Under the Temasek Philanthropic Platform, Temasek's Family of Six Foundations includes the following non-profit organisations (NPPOs):

Temasek Foundation International[edit]

Temasek Foundation International, formerly known as Temasek Foundation, is a Singapore-based NPPO that funds and supports programmes that aim to build capabilities with programme partners in and beyond Asia. These programmes enable human and social capital development.[180]

Temasek Foundation Cares[edit]

Temasek Foundation Cares is a Singapore-based NPPO that funds and supports meaningful and innovative community-based programmes for the benefit of Singaporeans. It aims to contribute to the well-being, dignity and livelihood of needy individuals, families and communities by building people, building communities, building capabilities and rebuilding lives.[181]

Temasek Foundation Innovates[edit]

Temasek Foundation Innovates is a Singapore-based NPPO that funds and support programmes focusing on developing practical solutions for a better life through research and innovation. Its aims are to strengthen research capabilities by nurturing talents as well as encouraging multi-disciplinary programmes and inter-agency collaboration for collective capabilities.[182]

It oversees two endowments:

  • The Singapore Millennium Foundation, which promotes research through the awarding of post graduate research scholarships and funding of research programmes.[183]
  • The Temasek Life Sciences Laboratory, which is a research institute undertaking bio-molecular science research and applications for the benefit of people.[184]
Temasek Foundation Ecosperity[edit]

Temasek Foundation Ecosperity is a Singapore-based NPPO that funds and supports strategic and impact-driven programmes focused on championing the sustainability of the global ecosystem and the development of innovative solutions to improve liveability. Its aims are to develop enduring solutions, systems and capabilities against environmental, biological and other adversities in and beyond Singapore. It also strives to develop and nurture a vibrant ecosystem for innovation and entrepreneurship, as well as promote sustainable best practices and standards.[185]

It has piloted and developed two released projects:

  • Air+ Smart Mask, released in 2013, was developed to provide N95 protection to Singapore communities, in particular children, from the harmful effects of the haze.[186]
  • Airbitat Smart Cooler, unveiled in 2016, was developed as an eco-friendly cooler that uses 80% less energy than an average air conditioning unit and does not produce heat.[187]


Shin Corp[edit]

Temasek is fully owned by Singapore's Ministry of Finance, and these close links to the government have on several occasions caused protests in foreign countries.

Temasek's 2006 acquisition of Shin Corporation, owned by the family of then Thai prime minister Thaksin Shinawatra, was particularly controversial, with protestors burning effigies of Lee and Ho on the streets of Bangkok.[188] The deal was a factor in exacerbating the Thai political crisis, which eventually led to the downfall of Thaksin and a review of the transaction's legality. The military junta that overthrew Thaksin, later tried unsuccessfully to force Temasek to divest a large part of its investment in Shin Corp.[189] As of 2015, Temasek's stake in Intouch Corporation (as Shin Corporation was renamed) had reduced to 42%.[190]

Fortune Magazine described the investment in Shin Corp as a "spectacular misjudgment"[191]


In 2012, Singaporean blog TR Emeritus alleged that the appointment of Ho Ching, Singapore Prime Minister Lee Hsien Loong's wife, as CEO of Temasek Holdings was a case of cronyism and nepotism, which was subsequently deleted and for which they apologised.[191]

See also[edit]


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External links[edit]