Temasek set to publicly release annual report<\/p>\n
The Singapore government's powerful investment arm confirmed
\non Friday it plans to publicly release an annual report for the
\nfirst time in about a month, in a move that could shed more light
\non its traditionally opaque operations.<\/p>\n
\"We are hoping to complete our annual review over the next one
\nmonth or so,\" Temasek spokeswoman Eva Ho said in a statement.<\/p>\n
Temasek, a unit of the Finance Ministry, is the most
\nsignificant corporate player in the wealthy city-state, and its
\nstable of well-known companies helped drive Singapore's
\nindustrialization in the 1970s.<\/p>\n
In February, Temasek Executive Director Ho Ching said there
\nwould be \"a measured process of opening up and demystifying
\nTemasek,\" and announced plans to release an annual report.<\/p>\n
Although many of its main listed companies - such as Singapore
\nAirlines and Singapore Telecom - release detailed financial
\naccounts, Temasek itself has not previously offered a
\ncomprehensive public insight into its operations and
\norganizational philosophy.<\/p>\n
Previous Temasek annual reports were produced only in limited
\nnumbers for internal use. This year's report could offer
\ninvestors greater insight into some of the group's basic finances
\nand its strategic direction under Ho.<\/p>\n
Ho is the wife of Lee Hsien Loong, who is due to be sworn in
\nas Singapore's new prime minister on Aug. 12.<\/p>\n
Under Ho's leadership since 2002, cash-rich Temasek has
\nreleased a broad outline of its intent under a so-called charter.
\nHo also has revealed some basic data, including its annual rate
\nof return on investments.<\/p>\n
Temasek was founded in 1974, and its broad mission has been to
\nadd a commercial backbone to government policies promoting growth
\nand development.<\/p>\n
In recent years, it appears to have shifted its focus from
\ncompanies at home to those which are better able to exploit
\nbigger markets outside Singapore.<\/p>\n
This year, Temasek bought stakes in South Korean, Indian,
\nIndonesian and Malaysian corporations, particularly banks and
\ntelecom companies.<\/p>\n
It made an unexpected 2.82 billion Singapore dollar (US$1.6
\nbillion) cash bid this week for the world's seventh largest
\nshipping group, Neptune Orient Lines.<\/p>\n
The bid sparked renewed debate about Temasek's strategic
\ndirection. -- AP<\/p>",
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