DOCSLIB.ORG

Temasek Holdings (Private) Limited

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Temasek Holdings (Private) Limited Offering Circular Temasek Financial (I) Limited (Incorporated with limited liability under the laws of Singapore) (Company Registration Number: 200408713K) US$20,000,000,000 Guaranteed Global Medium Term Note Programme unconditionally and irrevocably guaranteed by Temasek Holdings (Private) Limited (Incorporated with limited liability under the laws of Singapore) (Company Registration Number: 197401143C) On 14 September 2005, Temasek Financial (I) Limited (the “Issuer”) and Temasek Holdings (Private) Limited (the “Guarantor”) established a Guaranteed Global Medium Term Note Programme (as amended and supplemented from time to time, the “Programme”) and issued an offering circular describing the Programme. The maximum aggregate principal amount of Notes (as defined below) outstanding from time to time under the Programme (the “Programme Limit”) was initially set at US$5,000,000,000. The Issuer and the Guarantor increased the Programme Limit to US$10,000,000,000 on 3 February 2010, and this was further increased to US$15,000,000,000 on 12 July 2013 and to US$20,000,000,000 on 16 July 2018. This Offering Circular supersedes all previous offering circulars and any supplements thereto. Any Notes issued under the Programme on or after the date of this Offering Circular are issued subject to the provisions described herein. This does not affect any Notes already issued. Under this Programme, the Issuer may from time to time issue notes (the “Notes”) unconditionally and irrevocably guaranteed (the “Guarantee”) by the Guarantor. The aggregate principal amount of Notes outstanding will not at any time exceed US$20,000,000,000 (or the equivalent in other currencies), unless such amount is otherwise increased pursuant to the terms of the Programme. Application has been made to the Singapore Exchange Securities Trading Limited (the “SGX-ST”) for permission to deal in and quotation of any Notes which are agreed at the time of issue thereof to be so listed on the SGX-ST. Such permission will be granted when such Notes have been admitted to the Official List of the SGX-ST. There is no assurance that the application to the SGX-ST for the listing of the Notes will be approved. Admission to the Official List of the SGX-ST and quotation of any Notes which are agreed at the time of issue thereof to be so listed on the SGX-ST are not to be taken as an indication of the merits of the Issuer, the Guarantor, their respective subsidiaries (if any), their respective associates (if any), the Programme or such Notes. The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed or reports contained in this Offering Circular. Unlisted series of Notes may also be issued pursuant to the Programme. The relevant Pricing Supplement (as defined herein) in respect of any series of Notes will specify whether or not such Notes will be listed on the SGX-ST or any other stock exchange. See “Risk factors” beginning on page 18 for a discussion of certain risks in connection with an investment in the Notes. Neither the U.S. Securities and Exchange Commission, any state securities commission in the United States or any other U.S. regulatory authority has approved or disapproved of the Notes and the Guarantee or passed upon the accuracy or adequacy of this Offering Circular. Any representation to the contrary is a criminal offence in the United States. The Guarantor has been assigned an overall corporate credit rating of “Aaa” by Moody’s Investors Service, Inc. (“Moody’s”) and “AAA” by S&P Global Ratings, a division of The McGraw-Hill Companies, Inc. (“S&P”). Each series of Notes issued under the Programme may be rated or unrated. Where a series of Notes is rated, such credit rating will not necessarily be the same as the credit ratings assigned to the Guarantor. A credit rating is a statement of opinion and is not a recommendation to buy, sell or hold the Notes and may be subject to suspension, revision or withdrawal at any time by the assigning credit rating agency. Investors should consult their own financial or other professional adviser before making any decisions based on credit ratings. Moody’s and S&P have not provided their consent to the inclusion of such information in this Offering Circular and therefore are not liable for information regarding credit ratings contained herein. The Notes and the Guarantee have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws in the United States or any other jurisdiction, and the Notes may include notes issued in bearer form (“Bearer Notes” comprising a “Bearer Series”), which are subject to certain U.S. tax law requirements. The Notes may be offered and sold (i) in the United States only to “qualified institutional buyers” (“QIBs”) as defined in Rule 144A under the Securities Act (“Rule 144A”) or to Institutional Accredited Investors (as defined herein), in each case in transactions exempt from registration under the Securities Act and/or (ii) outside the United States to non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act (“Regulation S”). Any series of Notes may be subject to additional selling restrictions, including restricting offers or sales in the United States or to U.S. persons, or restricting purchasers of such Notes in the United States or that are U.S. persons (as defined in Regulation S) to QIBs that are also “qualified purchasers” (“QPs”) as defined in the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”). The relevant Pricing Supplement in respect of such series of Notes will specify any such restrictions. Subject to certain exceptions, the Notes may not be offered, sold or, in the case of Bearer Notes, delivered within the United States or to, or for the account or benefit of, U.S. persons. See “Notice to purchasers and holders of Registered Notes and transfer restrictions” and the relevant Pricing Supplement. Arrangers Deutsche Bank Goldman Sachs (Singapore) Pte. HSBC Morgan Stanley Dealers Barclays BNP PARIBAS BofA Merrill Lynch Citigroup Credit Suisse DBS Bank Ltd. Deutsche Bank Goldman Sachs (Singapore) Pte. HSBC J.P. Morgan Morgan Stanley Standard Chartered Bank Standard Chartered Bank (Singapore) Limited 15 July 2019 PLEASE READ THIS GATEFOLD TOGETHER WITH THE REST OF THIS OFFERING CIRCULAR BEFORE MAKING THE DECISION TO INVEST WHAT SHOULD I KNOW BEFORE INVESTING IN BONDS? WHAT ARE MY RISKS IF I INVEST IN BONDS? All investments carry risks. This includes investments in bonds. When you invest in a bond, you are essentially lending money to a bond issuer. Bond investors face key risks1 such as market, business, legal, regulatory, interest rate, default, liquidity and inflation risks. MARKET & BUSINESS RISKS As an investment company, Temasek’s cash flows and ability to make debt repayments are dependent on the dividends and distributions from our2 portfolio, our divestments and our ability to borrow. Macroeconomic, market and geopolitical conditions in major economies may impact global monetary conditions, investors’ confidence and risk appetite, as well as underlying growth prospects and global asset prices.3 These could potentially have a significant impact on the value of our portfolio as well as the profitability of Temasek and our portfolio companies. In turn, these may potentially affect Temasek’s ability to meet payment obligations. LEGAL & REGULATORY RISKS Temasek has investments in many countries around the world. This means Temasek and our portfolio companies could potentially face complex legal and regulatory requirements as well as regulatory or litigation action by regulators or private parties. If any such requirements or actions result in significant costs or losses to Temasek or our portfolio companies, this could potentially impact Temasek’s financial condition and operational results. INTEREST RATE RISK Market prices of a bond may rise or fall. If interest rates rise, the market price of your bond may fall, and vice versa. IF INTEREST RATES RISE Bond Prices Fall Why does this happen? If interest rates rise, bond buyers have the option of investing in new bonds Rates Rise issued at higher interest rates. You may have difficulty finding a buyer, unless you reduce your asking price to make it attractive to a prospective bond buyer. IF INTEREST RATES FALL Hence, the market price of your bond may fall when interest rates rise. Rates Fall If you wish to sell your bond before it matures, you may suffer a partial loss of your principal amount, if the market price at the time you sell is below Bond Prices Rise your purchase price. 1 Please see the section “Risk Factors” of this Offering Circular for a description of other key risks. 2 References to “we” and “our” refer to Temasek, namely Temasek Holdings (Private) Limited and its Investment Holding Companies (IHCs). Please see footnote 15 on page 6 for details of our IHCs. 3 Please see the section “Risk Factors” of this Offering Circular for Temasek’s market outlook. 1 DEFAULT RISK A default may happen when a bond issuer fails to pay the Average Annual Corporate Default Rates4: Average Annual Corporate Default Rates1: interest due, or repay the principal amount at maturity. 1999–2018 (%) 1999 - 2018 (%) The default risk of each issuer is different, depending on 11.74 its financial position, its debts and other obligations. It is important to know more about the credit quality of an issuer before buying its bond. Please see “How Can I 2.41 Understand Temasek’s Credit Quality?” on pages 5 and 6. 0 0.03 0.07 0.22 0.63 Aaa Aa A Baa Ba B Caa-C Some issuers, or their bonds, are rated by credit rating agencies, based on their respective assessments of the Derived from data published by Moody’s Investors Service quality of assets, cash flows, liquidity positions and other Annual default study: Defaults will rise modestly in 2019 factors.
Load more

Recommended publications
  • E-Conomy SEA Is a Multi-Year Research Program Launched by Google and Temasek in 2016
    1 2 Reference e-Conomy SEA is a multi-year research program launched by Google and Temasek in 2016. Bain & Company joined the program as lead research partnerin 2019. The research leverages Bain analysis, Google Trends, Temasek research, industry sources and expert interviews to shed light on the interneteconomy in Southeast Asia. The information included in this report is sourced as “Google, Temasek and Bain, e-Conomy SEA 2020” except from third parties specified otherwise. Disclaimer The information in this report is provided on an “as is” basis. This document was produced by Google, Temasek, Bain and other third parties involved as of the date of writing and are subject to change. It has been prepared solely for information purposes over a limited time period to provide a perspective on the market. Projected market and financial information, analyses and conclusions contained herein should not be construed as definitive forecasts or guarantees of future performance or results. Google, Temasek, Bain or any of their affiliates or any third party involved makes no representation or warranty, either expressed or implied, as to the accuracy or completeness of the information in the report and shall not be liable for any loss arising from the use hereof. Google does not endorse any of the financial analysis in this report. Google internal data was not used in the development of this report. 3 5th edition of e-Conomy SEA by Google, Temasek, Bain Southeast Asia’s Internet economy research program 2016 2017 2018 2019 2020 e-Conomy SEA e-Conomy
    [Show full text]
  • Temasek Review 2017
    Temasek Review 2017 Investor Institution Steward Investor Institution Steward Section Title orn scarcely a decade into Singapore’s independence, we had no blueprint except for the Singapore DNA of integrity and courage. We grew with a transforming Singapore, ventured abroad in an ascendant Asia, and tapped into emerging global trends. We constantly reinvent ourselves to remain relevant. Agility, Alignment and Accountability are our watchwords in the new world of disruptive technologies, uncertain geopolitics, and shifting economic powers. We treasure the solid foundation laid by pioneers before us, in and outside of Temasek. Our culture of ownership shapes our institution. Our people are the bedrock of our Temasek values. Our purpose and passion give us courage to embrace the future and its endless possibilities. Doing the right things today with tomorrow in mind, we strive for an ABC World – an Active Economy for jobs and opportunities; a Beautiful Society of peace and inclusion; and a Clean Earth as our common home. Forty ‑ three years on, we remain true to our DNA, our roots, our core – as an active Investor, a forward looking Institution, and a trusted Steward. Contents The Temasek Charter 4 Ten ‑ year Performance Overview 6 Portfolio Highlights 8 From Our Chairman 10 The DNA of Temasek 14 Ins & Outs of Temasek 16 Investor 19 Value since Inception 20 Total Shareholder Return 21 An Active Investor 22 Investing for Generations 24 T ‑ GEM Simulations 28 Managing Risk 32 Institution 39 Our MERITT Values 40 A Forward Looking Institution
    [Show full text]
  • Our Journey Has Just Begun
    Temasek Review 2014 Review Temasek Our journey has just begun Temasek Review 2014 Our journey has just begun Cover: Sherlyn Lim on an outing with her sons, Amos and Dean, on Sentosa Island, Singapore. Our journey has just begun The world is fast changing around us. Populations urbanise, and life expectancies continue to rise. We are entering a new digital age – machines are increasingly smarter, and people ever more connected. Change brings unprecedented challenges – competing demands for finite resources, safe food and clean water; health care for an ageing population. Challenges spawn novel solutions – personalised medicine, digital currencies, and more. As investor, institution and steward, Temasek is ready to embrace the future with all that it brings. With each step, we forge a new path. At 40, our journey has just begun. TR2014_version_28 12.00pm 26 June 2014 Contents The Temasek Charter 4 Ten-year Performance Overview 6 Portfolio Highlights 8 From Our Chairman 10 Investor 16 Value since Inception 18 Total Shareholder Return 19 Investment Philosophy 20 Year in Review 24 Looking Ahead 26 Managing Risk 28 Institution 34 Our MERITT Values 36 Public Markers 37 Our Temasek Heartbeat 38 Financing Framework 42 Wealth Added 44 Remuneration Philosophy 45 Seeding Future Enterprises 48 Board of Directors 50 Senior Management 57 2 Temasek Review 2014 Contents Steward 60 Trusted Steward 62 Fostering Stewardship and Governance 67 Social Endowments & Community Engagement 68 Touching Lives 72 From Ideas to Solutions 74 Engaging Friends 75 Temasek International Panel 76 Temasek Advisory Panel 77 Group Financial Summary 78 Statement by Auditors 80 Statement by Directors 81 Group Financial Highlights 82 Group Income Statements 84 Group Balance Sheets 85 Group Cash Flow Statements 86 Group Statements of Changes in Equity 87 Major Investments 88 Contact Information 98 Temasek Portfolio at Inception 100 Explore Temasek Review 2014 at www.temasekreview.com.sg or scan the QR code 3 TR2014_version_28 12.00pm 26 June 2014 A journey of a thousand miles begins with a single step.
    [Show full text]
  • Roy-Ngerngs-Closing-Statement-In
    1 IN THE HIGH COURT OF THE REPUBLIC OF SINGAPORE Suit No. 569 of 2014 Between LEE HSIEN LOONG (NRIC NO. S0016646D) …Plaintiff And ROY NGERNG YI LING (NRIC NO. S8113784F) …Defendant DEFENDANT’S CLOSING STATEMENT Solicitors for the Plaintiff Defendant in-Person Mr Davinder Singh S.C. Roy Ngerng Yi Ling Ms Tan Liyun Samantha Ms Cheng Xingyang Angela Mr Imran Rahim Roy Ngerng Yi Ling Drew & Napier LLC Block 354C 10 Collyer Quay #10-01 Admiralty Drive Ocean Financial Centre #14-240 Singapore 049315 Singapore 753354 Tel: 6535 0733 Tel: 9101 2685 Fax: 6535 7149 File Ref: DS/318368 Dated this 31st day of August 2015 2 DEFENDANT’S CLOSING STATEMENT A. Introduction 1. I am Roy. I am 34 this year. Little did I imagine that one day, I would be sued by the prime minister of Singapore. Throughout my whole life, I have tried my very best to live an honest life and to be true to myself and what I believe in. 2. When I was in primary school, I would reach out to my Malay and Indian classmates to make friends with them because I did not want them to feel any different. This continued when I went to secondary school and during my work life. Some of my closest friends have been Singaporeans from the different races. From young, I understand how it feels to be different and I did not want others to feel any differently about who they are. 3. But it is not an easy path in life, for life is about learning and growing as a person, and sometimes life throws challenges at you, and you have to learn to overcome it to become a stronger person.
    [Show full text]
  • Singapore Archaeology Level 1 Permanent Galleries Trade and Maritime Silk Route
    Large Print Guide Singapore Archaeology Level 1 Permanent Galleries Trade and Maritime Silk Route 0 Floorplan of Gallery and User Guide TP B CA AB C B CB AA D E F I H 1 How to read display case and floorplans AA.1 find object label text, match AA.1 to AA.1, then AA.2 to AA.2 and so on. AA.1 Celadon fragments China, Longquan kilns, 14th century Excavated from Empress Place Stoneware 2 How to read text panels & floorplans TP TP To find text panel, match TP to TP TP Trade and profit in ancient Singapore Singapore lies on the tip of the Malay Peninsula, at the entrance to the Straits of Malacca. 3 TP 4 TP Trade and profit in ancient Singapore Singapore lies on the tip of the Malay Peninsula, at the entrance to the Straits of Malacca. Such a pivotal position between East and West led to the flourishing of a port beginning in the 13th century. At different times China allowed or prevented overseas trade. Periods of long-distance shipping in the 9th and 11th centuries were followed by periods when the ports were closed. In the 13th century, Chinese merchants began arriving in Singapore to buy wood, cotton, and hornbill casques. In return they sold ceramics and foodstuffs. Temasek, a bustling port of the 14th century Ancient Singapore was called Temasek, which means “sea port” in Old Javanese. Founded in 5 the late 13th century, it flourished in the following century, in part because China’s Yuan dynasty encouraged overseas shipping.
    [Show full text]
  • Board of Directors
    13 SINGAPORE TELECOMMUNICATIONS LIMITED Board of Directors SIMON ISRAEL • Non-executive and non-independent Director • Member, Optus Advisory Committee • Chairman, Singtel Board • Date of Appointment: Director on 4 Jul • Chairman, Finance and Investment Committee 2003 and Chairman on 29 Jul 2011 • Member, Corporate Governance and • Last Re-elected: 26 Jul 2013 Nominations Committee • Number of directorships in listed • Member, Executive Resource and companies (including Singtel): 4 Compensation Committee Mr Simon Israel, 63, is the Chairman of Singapore Post Limited and a Director of CapitaLand Limited, Fonterra Co-operative Group Limited and Stewardship Asia Centre Pte. Ltd. He is also a member of the Governing Board of Lee Kuan Yew School of Public Policy and Westpac’s Asia Advisory Board. Simon is a former Chairman of Asia Pacifi c Breweries Limited. Simon was an Executive Director and President of Temasek Holdings (Private) Limited before retiring on 1 July 2011. Prior to that, he was Chairman, Asia Pacifi c of the Danone Group. Simon also held various positions in Sara Lee Corporation before becoming President (Household & Personal Care), Asia Pacifi c. Simon was conferred Knight in the Legion of Honour by the French government in 2007 and awarded the Public Service Medal at the Singapore National Day Awards 2011. He holds a Diploma in Business Studies from The University of the South Pacifi c. CHUA SOCK KOONG • Executive and non-independent Director • Last Re-elected: 21 Jul 2015 • Member, Optus Advisory Committee • Number of directorships in listed • Date of Appointment: Director on 12 Oct companies (including Singtel): 2 2006 and Group Chief Executive Officer (CEO) on 1 Apr 2007 Ms Chua Sock Koong, 58, was appointed Group CEO on 1 April 2007.
    [Show full text]
  • ATTACHMENT 1 Ihc Hrr~Imblc Kiikn R Lwiiicli Llniiud States Tradc Kcpresentiilivc Rku .\Rnhnnsndor Lucllick
    ATTACHMENT 1 Ihc Hrr~imblc Kiikn R LwIIicli Llniiud States Tradc Kcpresentiilivc rku .\rnhnnsndor Lucllick: Ihe Singapore Government is c;omnlined IO he privati7ation of SingTcl and ST Telemedia and In the ob.jectirr reducing iis existing slakes in lhcnc companies lo zcm. subject IO hesmc of capiml rnarkeu and the intcrens afolher shareholden. The Singapom Ciuvermnent will thermflci only hold shares it) hcse conlpmies us part of its pflfolio investments. For Sing Iel. the privariwucn procerr Iregm in 1993 with he listing of SingTcl on the Singapore Stack iFuchange Since then. the Singapore Govcmmcm hac progressively reduced its nake In Sing 'lei 3nd cunently hrilds 67.56% of ih shares. SingTcl ha< also been listcd on the .4uslralian Stock Fxchaiee MCC Ssprcmber 2001 The Singapore Guvenimcnl will establish a plan to divM ia majority hein Sing'Iel and ST Telemedia. Thu Singopon- Govcnuneiit undcrhunds ilic Unitcd States' inrnen in seeing such iiirezinicnl cumpleted ;~5soon feasible. I he Singapom (;ovemrnenl cacrci.ses no cunlrol over the commercial policy of Sing'rel and ST relelrldia and thr Singnport Government does nnt have veto rightsover ihe key decisions of liirse mnpanles bg way 01 a 'golden share' Neilher SingTrl nor ST Telemcdia receives my subhid? from die Singapcire imverlirnznt. Dolh SingTel aid SI' '1-eiemcdnBTC hlly subject Io Ihe irdepeudenl regukdlov ovnsiglu and sulhririiy or Ihe info-wminunicalions Development Aurhority of Singapore (IDA). wiich is ernprwurcd under he Info-conimunicutions Develupmcnt Aulhority ofsingapore Act to ensure lh31 rhcg 40 1101 ciigdge in :iiiti-cwnpetilive bchavior. Sinccrcly. ATTACHMENT 2 Temasek Holdings is an investment holding company based in Singapore.
    [Show full text]
  • Temasek Holdings (Private) Limited
    Offering Circular Temasek Financial (I) Limited (Incorporated with limited liability under the laws of Singapore) (Company Registration Number: 200408713K) US$25,000,000,000 Guaranteed Global Medium Term Note Programme unconditionally and irrevocably guaranteed by Temasek Holdings (Private) Limited (Incorporated with limited liability under the laws of Singapore) (Company Registration Number: 197401143C) On 14 September 2005, Temasek Financial (I) Limited (the “Issuer”) and Temasek Holdings (Private) Limited (the “Guarantor”) established a Guaranteed Global Medium Term Note Programme (as amended and supplemented from time to time, the “Programme”) and issued an offering circular describing the Programme. The maximum aggregate principal amount of Notes (as defined below) outstanding from time to time under the Programme (the “Programme Limit”) is currently set at US$25,000,000,000. This Offering Circular supersedes all previous offering circulars and any supplements thereto. Any Notes issued under the Programme on or after the date of this Offering Circular are issued subject to the provisions described herein. This does not affect any Notes already issued. Under this Programme, the Issuer may from time to time issue notes (the “Notes”) unconditionally and irrevocably guaranteed (the “Guarantee”) by the Guarantor. The aggregate principal amount of Notes outstanding will not at any time exceed US$25,000,000,000 (or the equivalent in other currencies), unless such amount is otherwise increased pursuant to the terms of the Programme. Application has been made to the Singapore Exchange Securities Trading Limited (the “SGX-ST”) for permission to deal in and quotation of any Notes which are agreed at the time of issue thereof to be so listed on the SGX-ST.
    [Show full text]
  • George Yeo, Minister
    National Archives of Release No.: 23/NOV 03B-l/94/11/09 SPEECH BY BG (NS) GEORGE YEO, MINISTER (INFORMATION AND THE ARTS) AND (HEALTH), AT THE OPENING OF THE LEGACY OF MAJAPAHIT AT THE NATIONAL MUSEUM ON WEDNESDAY, 9 NOVEMBER 1994 AT 6.00 PM To many Singaporeans, Majapahit is an ancient empire we read of only in the pages of a history textbook. The Kingdom of Majapahit ruled by Hindu Kings was the largest empire ever established in Southeast Asia from the 13th century to the 16th century. It was founded in East Java in 1294, exactly 700 years at the end of Kublai Khan's invasion. In the 14th century, Majapahit became a great centre of power in the entire Malay Archipelago. Its sway spread over much Administratively the empire was loosely bound by tribute paid in products and services to the centre by small states in the region including old Singapore, then known as Temasek. In the 15th century it was gradually torn apart by civil war. The trading ports of Java's north coast, where Islam was becoming popular, came into conflict with the traditional centre of power in the rice-growing interior. Majapahit authority in the Malacca Straits was increasingly contested by an emergent Malacca. By the time the Portuguese conquered Malacca in 1511, only a shell was left of Majapahit. Through archaeology and historical writings, we know that Majapahit had a major influence on the politics and culture of old Singapore. Both the 14th Century poem, Nagarakertagama and the 17th century Pararaton (Book of Kings) mentioned Temasek as part of the Majapahit empire.
    [Show full text]
  • Temasek Review 2020 Highlights
    Temasek Review 2020 Highlights Towards T2030 We delivered a carbon neutral Temasek. We are now committed to halve the aggregate carbon emissions of our growing portfolio by 2030, and drive towards net zero carbon emission by 2050. These are ambitious intergenerational goals. The digital economy is accelerating apace. Deep knowledge is even more critical. Committed to sustainability as always; Staying resilient in adversity; and Working together in partnership We do well, do right, and do good, ultimately to uplift lives in a kinder world, build resilient and inclusive communities, and leave a better world as our legacy. COVID-19 is a devastating reminder to stay prepared for the unknown. Committed, Resilient, Together The Temasek Charter An active investor and shareholder We deliver sustainable value over the long term A forward looking institution We act with integrity and are committed to the pursuit of excellence A trusted steward We strive for the advancement of our communities across generations Discover the Temasek Charter at temasekreview.com.sg/charter or scan the QR code Contents Overview Institution Ten - year Performance Overview 4 A Forward Looking Institution 16 Portfolio Highlights 5 Our Values 17 Excerpts from Our Chairman’s 6 Our OneTemasek Team 18 Message Instilling Ownership 20 The DNA of Temasek 8 Public Markers 22 Building a Sustainable Future 10 Credit Quality 23 Investor Steward How We Invest 12 A Trusted Steward 24 12 - month Returns Simulation 13 Enabling a Better World 25 20 - year Returns Outlook 14 Fighting COVID-19 Together 26 Group Financial Highlights 28 Ten-year Performance Overview We ended the year with a net portfolio value of S$306 billion1.
    [Show full text]
  • International Seminar for UNESCO Integral Study of the Silk Roads: Roads of Dialogue: “Manila As an Entrepot in the Trans-Pacific Commerce”
    International Seminar for UNESCO Integral Study of the Silk Roads: Roads of Dialogue: “Manila as an entrepot in the trans-pacific commerce”. 5-6, February, 1991. Manila, The Philippines. Twentieth Century Trengganu: The Royal Birth-Marks of the Melakan Empire Shaharil Talib The picture-book Trengganu Sultanate facing the South China Sea experienced overwhelming change in the last quarter of the twentieth century. Its leap into the global industrial economy was spectacular with the discovery of off-shore oil and gas in the 1970s. Massive infra-structure building in recent decades linked this flood-prone Sultanate of 14 river systems with major ports, commercial and administrative centres of east and west coast Peninsular Malaysia. Equally important advances were made in the agriculture sector. Although production capital arrived in the late nineteenth century1, in 1964 only 20,000 acres were committed to plantation agriculture. Ten years later it grew phenomenally to bring under cultivation a further 210,000 acres and this expansion continued to spiral in the next decade, spearheaded by the massive Trengganu Tengah Development Scheme.2 Standing back from these breath-taking changes, there is yet another unheralded discovery that awaits announcement to the world. The twentieth century Sultanate of Trengganu is the successor of the grand traditions of 15th century Melaka. The cultural heritage of the Melakan trading diaspora never floundered in the marsh-lands of Johor as was made out by leading colonial scholars such as Sir R.O. Winstedt. Indeed, it was only five years ago that an unknown Trengganu Tuhfat al-Nafis (The Precious Gift) manuscript surfaced, which dramatically altered previous interpretations of Malaysian history.3 The discovery of the manuscript placed the Sultanate of Trengganu as the successor of Melaka - the 15th century emporia of the silk route in scholar’s attention to the regal traditions of twentieth century Trengganu Sultanate, which distinctly bore the four hundred year-old Royal birth-marks of Melaka.
    [Show full text]
  • Temasek Holdings (Private) Limited
    Temasek Holdings (Private) Limited Primary Credit Analyst: Simon Wong, Singapore (65) 6239-6336; [email protected] Secondary Contact: Yijing Ng, Singapore (65) 6216-1170; [email protected] Table Of Contents Credit Highlights Outlook Our Base-Case Scenario Company Description Business Risk Financial Risk Liquidity Environmental, Social, And Governance Government Influence Issue Ratings - Subordination Risk Analysis Ratings Score Snapshot Related Criteria WWW.STANDARDANDPOORS.COM/RATINGSDIRECT AUGUST 19, 2021 1 Temasek Holdings (Private) Limited Credit Highlights Issuer Credit Rating AAA/Stable/A-1+ Overview Key strengths Key risks Sizable and well diversified portfolio of quality assets. Significant exposure to volatile financial services and emerging economies. Consistent record of prudent investment and active Our view that the steady increase in unlisted investments over the years could erode the asset rotation. portfolio characteristics. Strong cash flow adequacy. Infrequent and limited, albeit improving, information disclosure. Track record of net cash at the parent level. Our view of strong support from the Singapore government. Temasek Holdings (Private) Limited's high proportion of unlisted investments could erode the credit quality of its investment portfolio, in our view. The Singapore-headquartered investment holding company's relatively high proportion of unlisted investments, which accounted for 45% of its total portfolio as of March 31, 2021, could erode the asset liquidity and credit quality of the company's portfolio if Temasek increases its exposure to investments, including early-stage companies, with weaker credit profile. However, Temasek's substantial cash and cash equivalents and short-term investments, the increased asset diversity of its portfolio, and steady reduction in portfolio concentration of key assets have so far tempered the risk.
    [Show full text]