Temasek (company)

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Temasek Holdings (Private) Limited
Ownership type	State-owned private limited company
Founded	25 June 1974
Headquarters	60B Orchard Road #06-18 Tower 2 The Atrium@Orchard, Singapore 238891 , Singapore
Industry	Investment management

Temasek Holdings (Private) Limited is a state-owned Singaporean multinational investment firm.

History[edit]

Leadership[edit]

Subsidiary[edit]

• DBS Bank
• Seatrium
• Singapore Airlines
• CapitaLand
• Keppel
• ST Engineering
• SP Group
• Singtel
• Mediacorp
• PSA International
• Pavilion Energy
• Certis Group
• SMRT Corporation
• Surbana Jurong
• Vertex Holdings
• Alvogen
• ST Telemedia
• Constellar Group
• Mandai Park Holdings
• AS Watson^[1]

Investment issue and failure[edit]

Sale of Shin Corporation to Temasek Holdings[edit]

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.^[2] 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.^[3] As of 2015, Temasek's stake in Intouch Corporation (as Shin Corporation was renamed) had reduced to 42%.^[4] In 2016, Temasek sold a further 21% stake in Intouch Holdings, the Thai telecoms conglomerate formerly known as Shin Corp.^[5]

FTX investment failure[edit]

Temasek invested USD $210 million and then another USD $65 million in FTX in two funding rounds between October 2021 and January 2022.

FTX filed bankruptcy in November 2022.^[6] Later on 17 November 2022, Temasek announced that it will write down its US$275 million (S$376.8 million) investment in FTX, irrespective of the outcome of the cryptocurrency exchange's bankruptcy protection filing.^[7]

The chairman at the time, Lim Boon Heng, also made a statement on 18 November 2024 claimed that they cut the compensation of their senior management and the investment team involved in the investment.^[8][9]

In 22 February 2023, Temasek and 17 other banks was sued for allegedly conspiring with cryptocurrency exchange FTX to defraud investors. The lawsuit was filed in Miami, a city in Florida at USA.^[10]

Zilingo investment failure[edit]

Temasek was one of the investors and top 5 shareholders of Zilingo, it owns 8.3% of it's shares as of 21 June 2022.

In January 2023, Zilingo begin liquidating the company.

In response to CNA's (Channel News Asia) queries about Zilingo's imminent liquidation, Temasek said it declined to comment.^[11]

Return in 7 years[edit]

Temasek posted a total shareholder return of -5.07% for the year ended 31 March 2023, reportedly the poorest annual performance since 2016. It also reportedly suffered net loss. Temasek claimed that the performance declines were led by a slump in equity valuations, especially in the technology, life sciences and payments sectors, while the SGD $7 billion loss was driven by unrealized losses from mark-to-market accounting.^[12]

Footnotes[edit]