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.
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.
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Temasek Holdings (Private) Limited
60B Orchard Road
#06-18 Tower 2
Tel: +65 6828 6828
Fax: +65 6821 1188
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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.