SINGAPORE: Singapore’s state investment company Temasek announced on Thursday a major reorganisation of its operations, marking one of the most significant structural shifts in its 51-year history.
Following are some of the key changes at Temasek before Thursday’s announcement:
Structural shifts
In 2011, Temasek Holdings formed Temasek International as its management arm to separate ownership and investment functions, enhancing governance and operational agility as it evolved as an active investor with a growing and increasingly global portfolio.
In 2016, Temasek announced an organisation structure change, saying the aim was to align the firm with its core priorities in challenging global times.
In 2020, Temasek established a new asset management group, Seviora Holdings, as the operational holding company for its wholly owned asset managers.
Leadership transitions
Ho Ching, wife of former PM Lee Hsien Loong, became Temasek CEO in 2004, globalising and diversifying its portfolio from S$90 billion (RM296 billion) to over S$300 billion by her 2021 retirement. She was succeeded by Dilhan Pillay, a Temasek veteran since 2010 with roles spanning investment, portfolio and market teams.
On Oct 9, former DPM and navy chief Teo Chee Hean will take over as Temasek’s fifth chairman, succeeding Lim Boon Heng after a decade.
Global expansion
Under Lim Boon Heng’s 12-year chairmanship, Temasek’s portfolio grew from S$223 billion to S$389 billion by March 2024.
A former cabinet minister and labour chief, he oversaw expansion into Europe and the US, major investments in Alibaba and BlackRock, and a pivot from real estate to tech, healthcare and sustainability.
Portfolio moves
Temasek oversaw some major restructurings in its portfolio companies to enhance their value.
This included CapitaLand’s acquisition of property group Ascendas-Singbridge in 2019 and eventual split into a listed real estate investment manager CapitaLand Investment and a privately held developer CapitaLand Development in 2021.
Others include energy and urban infrastructure company Sembcorp Industries’ demerger from Sembcorp Marine, now Seatrium, an offshore marine company, in 2020; and Keppel’S divestment of its offshore and marine operations in 2022. – Reuters
