Temasek Holdings

Temasek Holdings

Republic of Singapore US$ 157.5 Billion
Established: 1974
Transparency Rating: 10
View Sovereign Fund Transaction Data
View Asset Allocation		 Origin: Non-Commodity
Firm Investment Style: Corporate
Entity Structure: Portfolio
Population Est.: 5.3 million – 2012
Wealth Per Capita Est.: $29,648
Summary
Temasek Holdings is an investment company owned by the government of Singapore. It is governed by the Singapore Companies Act. They are designated a Fifth Schedule Company under the Singapore Constitution in 1991.

Background
To jumpstart the economy in the early 1960s, the government of Singapore embarked on an industrialization drive and took on a proactive entrepreneurial role by taking stakes in a wide range of companies in the manufacturing, financial, trading, transportation, shipbuilding and services sectors. Many of these early companies were joint ventures with foreign investors which helped in the transfer of technology. Some were of strategic and national importance. For example, the Development Bank of Singapore was set up to provide development financing. Singapore Airlines was formed in 1967 from the split of the Malaysia- Singapore Airlines. The national shipping line, Neptune Orient Lines, was formed in 1968 to leverage on Singapore’s strategic location, while Sembawang Shipyard was established in the same year when the Singapore Government took over the shipyards left behind by the British Forces after they withdrew from Singapore.

These companies became government linked companies (GLC). The governments’ stakes in these companies were originally held directly by the Singapore 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 Holdings began to diversify its holdings from the local Singapore market, to other surrounding countries.

Temasek means sea town, which was the original name of Singapore.

 Strategy & Objectives
Temasek Holdings is an 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 Holdings, their general investment strategy centers around four themes:

  • Transforming Economies
  • Growing Middle Class
  • Deepening Comparative Advantages
  • Emerging Champions

Governance
Incorporated on June 25, 1974, Temasek Holdings is an exempt Singapore company wholly-owned by the Ministry of Finance. Subject to the Singapore President’s concurrence, the Ministry of Finance (shareholder) has the right to appoint, remove or renew board members at shareholder meetings. Under Singapore’s Constitution and laws, neither the President of Singapore nor the Singapore Government is involved in their investment, divestment or other business decisions, except in relation to the protection of Temasek’s past reserves.

Sovereign Wealth Enterprises:


2. Fullerton Financial Holdings

Formerly called, Asia Financial Holdings Pte. Ltd (AFH), this sovereign wealth enterprise invests in financial firms. As of December 31, 2009, they had total assets at S$46.8 billion.

Fullerton Financial Holdings

  • Duxton Investments is a wholly owned subsidiary of Fullerton Financial Holdings, an investment company whose portfolio includes Bank Danamon and Bank Internasional Indonesia in Indonesia, ICICI Bank in India, Hana Bank in Korea, Minsheng Bank in China and NIB Bank in Pakistan.

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.

  • Mapletree Investments Pte Ltd is indirectly wholly-owned by Temasek Holdings, through its wholly-owned subsidiary, Fullerton Management Pte Ltd. They are a Asia-focused real estate development, investment and capital management company based in Singapore.

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

22. Maju Investments Pte Ltd

23. SingBridge International, Formed in June 2009, Temasek’s SWE that makes infrastructure investments.

24. SeaTown Holding, Temasek’s money management subsidiary

25. Maxwell (Mauritius) Pte Ltd

26. Temasek Holdings Advisors India Private Limited

27. Vertex Venture Holdings Ltd

Created in 1988, Vertex Venture Holdings Ltd (Vertex Group) is a wholly-owned subsidiary of Temasek Holdings, investing in emerging companies and leading venture capital funds throughout Greater Asia and the US.

28. Anderton Investments Ltd

29. Cassia Fund Management Pte Ltd

30. Heliconia Capital Management Pte. Ltd

31. Temasek Life Sciences Laboratory Limited

TLL was established in August 2002 by the National University of Singapore, Nanyang Technological University and Temasek Holdings to undertake cutting edge research in molecular biology and genetics in the broad field of life sciences. Temasek Life Sciences Ventures Pte Ltd is an investment holding company whose mission is to commercialize life science technologies and intellectual property including those developed by Temasek Life Sciences Laboratory Ltd (TLL).

32. Certis CISCO Security Private Limited

CISCO ( The Commercial and Industrial Security Corporation) incorporated on June 1, 2005, it is a wholly owned subsidiary of Temasek Holdings, Certis CISCO today has operations in more than 63 cities around the Asia Pacific region and Middle East, employing over 26,000 people. Beginning in 1959 as the Guard and Escort Unit under the Police Force, it then became a statutory board in 1972 which was known as “The Commercial & Industrial Security Corporation” (CISCO). Its mission was to support the efforts of the Singapore Police Force in maintaining law and order and to enhance the security environment by providing a range of security services at the highest professional standards

33. Havelock Fund Investments Pte Ltd

Havelock Fund Investments Pte Ltd, a Singapore company, is an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited that owns shares of Cheniere Energy.

34. ST Asset Management Ltd (“STAM”)

It is wholly owned by Temasek Holdings (Private) Limited, an Asian investment house headquartered in Singapore.

Major Direct Foreign Investments (Public and Private)

[Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view site content.]

Go Back: HOME