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