SINGAPORE – Singapore investment company Temasek has transformed over the last 50 years to become one of the foremost equities investment companies in Asia and the world, and it is moving forward from a position of strength amid uncertainty, said Prime Minister Lawrence Wong.
Speaking at Temasek’s 50th anniversary dinner at Shangri-La Singapore on Sept 23, PM Wong noted that Temasek’s initial role was mainly custodial and administrative, with a portfolio of 35 companies, including DBS Bank and Singapore Airlines, that it took over from the Government.
But Temasek transformed into a more active manager of its portfolio over the years, and stepped up its direct investments into new areas in Asia and beyond.
Its portfolio also developed from just being Singapore-based to having investments across Asia, the Americas, Europe, the Middle East and Africa.
PM Wong noted that Temasek today is very different from what it was in 1974, but the global environment is also more challenging amid US-China tensions and greater protectionism.
Against that backdrop, Singapore will have to find its own path forward, and what is true for the country applies to Temasek, too, he said.
PM Wong added: “Even as Temasek embarks on its next phase of transformation, some things cannot, and must not, change – your adherence to exemplary standards and values; your ability to think long-term, to grow with commercial and strategic discipline, and to add to the Singapore brand of quality, reliability and integrity.
“These are the attributes for which Temasek is well-known for, and which will ensure Temasek remains a valued and trusted long-term partner.”
The event was attended by over 600 Temasek partners and friends, including representatives from the board and senior executives from its local and global portfolio companies. Singapore Cabinet ministers and government and business leaders