Temasek Holdings is one of the two investment arms of the Singapore government ( the other is GIC) which manages a global portfolio invested in a wide range of sectors from airlines to energy,resources and consumer products.
The following are a series of announcement made pertaining to Temasek Holding’s previous year performance,the reason for the departure of the new recruit (CEO) and the future objectives of the company:
- Temasek Holdings’portfolio lost more than 40 billion Singapore dollars (27.72 billion US) in value as of end-March compared to previous year. Temasek’s investments were hammered by the financial and economic crisis that led global markets to plummet in the second half of last year.Temasek’s overall portfolio value had fallen by 58 billion dollars to 127 billion dollars from end-March to November of 2008.
- The decision to rescind US Charles “Chip”Goodyear,ex-head of resources giant BHP Billiton was due to differences over strategy. Its CEO,Ho Ching(57) ( wife of Singapore Prime Minister Lee Hsien Loong) remains the CEO pending the finding of another local replacement.
- Temasek remains a long-term investor and would find co-investors for any future ventures.
- Temasek remains focused on Asian investments due to the region’s strong growth prospects. It is very comfortable with Asia hence wouldl invest 70 percent of its resources in Asia,including Singapore,with 20 percent earmarked for investments in industrialized countries. The rest will be used for markets in Latin America and Africa
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FCCA,CA(MIA)with more than 26 years of post-qualifying working experiences. Previous working stints with one of the big accounting four,Regional GFC & Group Treasurer in a group of Malaysian and Group CFO in Singapore public listed concern.Also author to another very popular free educational accounting cum finance blog:http://basiccollegeaccounting.com under the branding of College Accounting Coach.
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