Temasek Holdings

Temasek Holdings Pte Ltd
Investment company / Sovereign wealth fund
Industry Investment Management
Founded 1974
Headquarters Singapore
Key people
 Lim Boon Heng,[1] Chairman
Ho Ching,[1] Executive Director & CEO
Revenue Increase $83.8 billion SGD (2013)[2]
Increase $15.2 billion SGD (2013)
Total assets Increase $317.4 billion SGD (2013)
Owner Government of Singapore
Website Temasek

Temasek Holdings Private Limited (abbreviated as Temasek) is an investment company owned by the Government of Singapore. Incorporated in 1974, Temasek owns and manages a net portfolio of S$223 billion[3] (US$177 billion; as of 31 March 2014), mainly in Singapore and Asia.[4] It is an active shareholder and investor, and its portfolio covers a broad spectrum of sectors including financial services, telecommunications, media and technology, transportation and industrial, life sciences, consumer, real estate, as well as energy and resources. Temasek has a multinational team of over 490 people, in 11 offices globally including London [5] and New York.[6]

Temasek is commonly referred to as a sovereign wealth fund, particularly by the press and research outlets based outside Singapore.[7][8] However, it has frequently disputed this terminology, and prefers to be referred to as an investment company, because it invests mostly in equities, is the outright owner of many assets, and pays taxes like other commercial investment firms.[9] However, its sole shareholder (to which it distributes dividends) is Singapore's Ministry of Finance. A spokesman for the Ministry of Finance has previously noted that even though "there is still no universally accepted definition of sovereign wealth funds", Temasek is required to abide by international guidelines for sovereign wealth funds.[10] Beginning in 2015, capital gains from Temasek are included in Singapore's government budget, contributing approximately S$3 billion [11] to the 2015 budget.

Temasek is one of a few global firms assigned with the highest overall corporate credit ratings of "AAA" by Standard & Poor's[12] and "Aaa" by Moody's.[13] However, it is understood that this is only possible due to the extreme likelihood of extraordinary support from the government.[14] S&P's new Standalone Rating puts Temasek’s risk profile as moderately high risk.[15] Temasek has also attained perfect quarterly scores[16] on the Linaburg-Maduell Transparency Index, a measure of the openness of government-owned investment funds. However, the purported difficulty in measuring transparency of sovereign wealth funds should mean that the existence of such an index itself is highly questionable.[17]

History

Incorporation

At the point of Singapore's independence in August 1965, the Government of Singapore had ownership or joint ownership of various local companies, such as Malaysia-Singapore Airlines (later split up into Malaysia Airlines and Singapore Airlines) and the Singapore Telephone Board (which became Singapore Telecommunications). As part of its push for local and foreign private investment in sectors such as manufacturing and shipbuilding, the government's Economic Development Board (EDB) also bought minority stakes in a variety of local companies.[18] During the first ten years after independence, the government acquired or established several companies,[19] such as the Keppel Corporation (originally Keppel Shipyard, taken over from the Royal Navy after the British military withdrawal from Singapore), ST Engineering (originally a weapon manufacturer set up to supply the Singapore Armed Forces), and the shipping company Neptune Orient Lines.

In 1974, Temasek was incorporated under the Singapore Companies Act[20] to hold and manage the assets previously held directly by the Singapore government. The goal was for Temasek to own and manage these investments on a commercial basis,[21] allowing the Ministry of Finance and the Ministry of Trade and Industry to focus on policymaking. Temasek’s established mission was to contribute to Singapore’s economic development, industrialisation, and financial diversification by nurturing effective and commercially driven strategic investments in and around Singapore.

Status

Temasek is a company incorporated in Singapore, and operates under the provisions of the Singapore Companies Act. It is neither a government agency nor a statutory board. Like any other commercial company, Temasek pays taxes to tax authorities, distributes dividends to its shareholder and has its own board of directors and a professional management team. Its sole shareholder is Singapore's Ministry of Finance.

Temasek is designated a Fifth Schedule[22] entity under the Singapore Constitution, which imposes certain safeguards to protect the government's past reserves. For instance, the approval of the President of Singapore is required for any transaction which is likely to result in a draw-down of Temasek’s cash reserves.[23] The President also has the right to appoint, terminate, or renew the members of Temasek's board of directors. In most other respects, however, Temasek operates as an independent commercial investment holding company.

In a 2009 speech,[24] Ho Ching, Temasek's Executive Director and CEO, said that the company had made an effort to instill discipline and professionalism, and to be tested and measured by providing public markers of performance. She noted that Temasek’s bonds spreads and credit ratings have been regularly[25] and independently[26] monitored as public markers of Temasek’s financial position and credit risks. Temasek had also openly[27] and accurately[28] disclosed its financial information through its annual report (although Ho said that, as a private company, it was not legally obliged to do so).

Initial Portfolio

Temasek’s initial portfolio of S$354 million comprised shares in the following companies, start-ups and joint ventures previously held by the Singapore Government. The companies included a bird park, a hotel, a shoe maker, a detergent producer, naval yards converted into a ship repair business, a start-up airline, and an iron and steel mill. The companies in bold below are still within the Temasek portfolio.

  1. Acma Electrical Industries
  2. Cerebos Singapore Pte Ltd
  3. Chemical Industries (F.E.) Ltd
  4. Development Bank of Singapore Ltd (Now part of DBS Group Holdings)
  5. Instant Asia Cultural Shows Pte Ltd
  6. Insurance Corporation of Singapore Ltd
  7. International Development and Construction Corporation
  8. Intraco Ltd
  9. Jurong Bird Park Pte Ltd (Now part of Wildlife Reserves Singapore)
  10. Jurong Holdings Pte Ltd (Now part of Sembcorp Industries Ltd.)
  11. Jurong Shipbuilders Pte Ltd (Now part of SembCorp Marine)
  12. Jurong Shipyard Pte Ltd
  13. Keppel Shipyard Pte Ltd
  14. Metrawood Pte Ltd
  15. Ming Court Hotel Ltd (Now part of Far East Orchard)
  16. Mitsubishi Singapore Heavy Industries Pte Ltd
  17. National Engineering Services Pte Ltd
  18. National Grain Elevator Ltd
  19. National Iron & Steel Mills Ltd
  20. Neptune Orient Lines
  21. Primary Industries Enterprises Pte Ltd (Now part of SATS Ltd.)
  22. Sembawang Holdings Pte Ltd
  23. Singapore Airlines
  24. Singapore Airport Duty-Free Emporium Pte Ltd (Now jointly owned by Singapore Airlines Limited and SATS Ltd.)
  25. Singapore Cable Car Pte Ltd
  26. Singapore General Aviation Service Company Pte Ltd
  27. Singapore National Printers Pte Ltd
  28. Singapore Offshore Petroleum Services Pte Ltd
  29. Singapore Textiles Industries Ltd
  30. Singapore Treasury Building Pte Ltd
  31. Singapore Zoological Gardens
  32. Singmanex Pte Ltd
  33. Sugar Industry of Singapore Ltd
  34. United Industrial Corporation Ltd
  35. United Vegetable Oil Pte Ltd

Management

Board of Directors

Temasek's Board of Directors provides overall guidance and direction in the management of the company’s assets and investments. The Board comprises 13 members, most of which are non-executive and independent business leaders from the private sector.

Financial Highlights in 2014

As of 31 March 2014:

Performance

Global Exposure

Sectors

Major Investments

During the 2014 financial year, the top three sectors for investments were financial services, life sciences and energy.[36] In the financial services sector, Temasek raised the stake in AIA, the largest independent listed pan-Asian life insurance group, to over 3.5%, and increased the stake in Industrial and Commercial Bank of China to 8.9% of its outstanding H-shares.[37] Temasek’s major investment in the life sciences sector [38] included an investment of almost US$1 billion in Gilead Sciences, a major developer of treatments for cancer, HIV and other diseases, and US$500 million in Thermo Fisher Scientific, a provider of laboratory equipment and consumables. In the energy sector,[38] Temasek invested £235 million in the BG Group, a UK-listed oil and gas company. Temasek also invested about S$2 billion in Pavilion Energy, which purchased a 20% interest in three gas concession blocks in Tanzania from Ophir Energy. Singapore and China remained the two largest countries by underlying assets for Temasek, at 31% and 25% respectively, as at 31 March 2014.[39] The exposure to North America and Europe also grew to 14%.[40]

Temasek founded the Enterprise Development Group[41] to find, fund, and grow new businesses. The group was designed to bring together existing platforms and initiatives, ranging from venture investments in early stage businesses to the development of new business models. Temasek also established Pavilion Energy[42] to invest in the region’s growing needs for clean energy, especially around the LNG supply chain (trading, exploration, storage, processing, and shipping).

Two new platforms, Heliconia Capital and Clifford Capital, were seeded after two years of evaluation to complement Vertex Venture. Collectively, these capital managers address the funding needs of promising small and medium enterprises (SMEs) in Singapore, from start-up to growth and project financing. Within the year, Heliconia has built up an investment portfolio and pipeline of promising SMEs, while Clifford has grown its project financing portfolio commitment to over US$450 million. Vertex has also launched two new funds to address Singapore and US opportunities.

The promising SMEs in which Heliconia has invested include the FNA Group International, a travel retail player that owns The Cocoa Trees, a chocolate retailer in Asia; and Rigel Technology, a regional provider of sanitary ware and bathroom products. Clifford supported Singapore-based companies in their exports or overseas investments. Among its loan portfolio is the financing of a Floating Production Storage Offloading unit that will operate in Brazil, constructed with the participation of several Singapore SMEs. Vertex manages two Asia-focused funds, which invest in early to mid-stage technology companies in Asia. Last year, it launched two more funds – S$100 million to invest in Singapore-based start-ups and US$80 million for North American opportunities.

Timeline of Investments

2014

In February 2014, Temasek invested almost US1 billion in Gilead Sciences,[43] a US-based biopharmaceutical company which specializes in developing novel therapies for infectious diseases and cancer, and also added shares of 21 Vianet,[43] China’s largest independent internet data centre. In March 2014, China Huiyuan Juice, a juice manufacturer and distributor, issued US$150 million worth of convertible bonds, which enabled Temasek to hold 7.68% of the enlarged share capital of Huiyuan on full conversion of the bonds.[44]

In April 2014, Temasek made a US$5.7 billion investment for a 24.95% stake in A.S. Watson,[45] a global health and beauty retailer with over 10,500 retail outlets in Asia and Europe. Temasek also made an investment of €425 million to NN Group,[46] a Dutch insurance company.

In May 2014, Temasek raised its stake in Olam, a global supply chain manager and processor of agricultural products and food ingredients, to 58.5% through Temasek’s wholly owned subsidiary, Breedens Investments.[47]

Overall, Temasek's portfolio of investments includes:

Financial Services

Telecommunications, Media & Technology =

Transportations & Industrials

Life Sciences, Consumer & Real Estate

Energy & Resources

Timeline of investments

Based on publicly available information, Temasek’s investment and divestment activities include, but are not limited to the following:

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

Governance Framework

Temasek Charter

As an institution, Temasek is guided by the Temasek Charter,[182] a set of principles that guides the company’s actions.

The Charter has three main principles:

1. Temasek is an active investor and shareholder.
2. Temasek is a forward looking institution.
3. Temasek is a trusted steward.

According to the first principle, Temasek "owns and manages its assets and makes investment and divestment decisions based on commercial principles with the aim of delivering sustainable value over the long term".

According to the second principle, Temasek is a "forward looking institution with a long term perspective. Through its "MERITT values" (meritocracy, excellence, respect, integrity, teamwork, and trust),[183] Temasek aims to "foster an ownership culture which aligns employee and shareholder interests".

According to the third principle, Temasek acts as "a responsible corporate citizen that safeguards its past reserves and engages people and communities based on the principles of sustainability and good governance".

Rights and Obligations

As an investment company incorporated under the Singapore Companies Act, Temasek owns and manages its assets. This means that it can make business decisions relating to its portfolio with full commercial discretion under the guidance of its Board, such as increasing, holding, or decreasing its investment holdings to achieve maximum risk-adjusted returns over the long term.

Under the Singapore Constitution, Temasek is one of the key Singapore entities with constitutional safeguards to protect its past reserves.

Key companies designated under the Singapore Constitution include the Government of Singapore Investment Corporation Pte Ltd, which manages the reserves of the Singapore Government. Other designated entities with constitutional safeguards for their respective past reserves under the Singapore Constitution are statutory Boards such as the Central Provident Fund Board and the Monetary Authority of Singapore.

Owner and Shareholder

Guided by business tenets, Temasek operates with full flexibility without the involvement of its shareholders, Singapore’s Ministry of Finance and the President of Singapore.

Temasek is wholly owned by the Minister for Finance, who under the Singapore Minister for Finance (Incorporation) Act (Chapter 183) is a body corporate.

As such, Temasek provides annual statutory financial statements audited by an international audit firm, as well as periodic updates to its shareholder.

Temasek is a Singapore exempt private company exempted from disclosing any financial information publicly, but chooses to publish its Group Financial Summary and portfolio performance in its annual report, the Temasek Review.

Temasek also declares dividends annually, once they are deliberated and recommended by its Board for its shareholder’s consideration at the annual general meeting. Temasek contributes to the Singapore Government budget via the dividends it pays to its shareholder and the tax on its profits.

The shareholder’s right to appoint, reappoint, or remove Board members is subject to the President’s approval, a measure put in place to safeguard the integrity of the Board and to protect the company’s past reserves.

The appointment or removal of the CEO by the Board is also subject to the concurrence of the President.

Further to its normal fiduciary duties to the Company, the Board is also accountable to the President to ensure that every disposal of investment is transacted at fair market value.

Protection of Temasek’s Past Reserves

Simplified flow chart illustrating the different processes at play concerning access to Temasek's reserves.

According to the Singapore Constitution, Temasek’s past reserves are those accumulated before the current term of Government while its current reserves are those accumulated during the current term of Government.

This means that on the eve of the first day of each term of Government, Temasek’s total reserves – comprising past reserves and current reserves as at the changeover – are locked up as past reserves for the next term of Government. This cycle repeats every time there is a change in the term of Government.

The President of the Republic of Singapore has an independent custodial role to safeguard Singapore’s critical assets and past reserves. As a key institution under the Singapore Constitution, Temasek is therefore required to seek the President’s approval before a draw occurs on Temasek’s past reserves.

Temasek’s Chairman and CEO also certify the company’s Statement of Reserves and Statement of Past Reserves to the President at prescribed intervals, as part of their responsibility to protect its past reserves.

Portfolio Companies

Temasek is an active investor and rebalances its portfolio from time to time. Decisions to invest, divest, or hold portfolio companies are based on Temasek’s intrinsic value test.

Temasek’s portfolio companies are guided and managed by their respective Boards and management, which means Temasek does not direct their business decisions or operations.

As Board directors have a fiduciary duty to safeguard the interests of their respective companies, Temasek advocates that Boards be independent of management in order to provide effective oversight and supervision of management. This includes having mostly non-executive members on Boards with the strength and experience to oversee management.

Temasek also advocates that the Chairman and CEO roles be held by separate persons, independent of each other, to ensure a balance of power for independent decision-making, and a greater capacity for management supervision by the Board.

Temasek protects its interests by exercising its shareholder rights, including voting at shareholders’ meetings when needed.

Temasek Board and Committees

Temasek’s Board provides overall guidance and policy directions to its management. As at 31 August 2013, the Board comprises 10 members, the majority of whom are non-executive independent private sector business leaders.

The Board meets for two-day meetings each quarter, and may meet more often when necessary. Nine Board meetings were held during the year ended 31 March 2013.

The Board decides on the following matters:

To assist the Board in its responsibilities, specific authority is delegated to various Board committees chaired by a non-executive Director who is independent of management:

The ExCo has the authority to approve new investment and divestment decisions up to a defined threshold beyond which transactions are considered by the Board. The minutes of ExCo meetings are circulated to the Board.

The AC reviews, among other things, Temasek’s system of internal controls and the processes used for financial reporting, audit, and monitoring compliance with laws and regulations. The AC also reviews the scope and results of the external audit, as well as the independence of external auditors.

The AC is supported by Internal Audit (IA), which reports functionally to the AC and administratively to the office of the CEO to ensure its independence. IA has full and unrestricted access to all records, properties, and personnel to effectively perform its functions.

The LDCC is responsible for recommending Board and management leadership plans to the Temasek Board, including Board and CEO succession, guidelines and policies on performance measurement, and compensation plans.

Decisions at Board and Committee meetings are based on a simple majority of votes, including those via telephone or video conference. In the case of a tied vote, the Chairman has a second or casting vote.

Where a Board resolution is obtained via circulation, the resolution becomes effective upon approval by at least two thirds of the Board.

Board members with interests that may conflict with specific Temasek interests are recused from the relevant information flow, deliberations, and decisions.

Quarterly Board meetings include Executive Sessions for the non-executive Directors to meet without the presence of management. The annual CEO succession review is included in these deliberations.

Risk Management

Temasek tracks and manages the risks associated with long-term market and economic cycles by designating risk owners who take full ownership of risk outcomes.[184]

This process allows day-to-day risk decisions to be taken by management, while major risk decisions, including major investments and divestments, are taken by the Board.

Temasek’s risk management framework covers three categories of risks: strategic, performance, and operational:

- Reputation

- Aggregate risk profile

- Political

- Structural foreign exchange

- Funding & liquidity

- Macroeconomic

- Geography

- Industry

- Markets

- Tax

- People

- Legal & regulatory

- Systems & processes

- Counterparty

- Business disruption

Investment Themes

Temasek’s portfolio companies are independent of Temasek – they are thus guided and managed by their respective Boards and management.

Temasek's investment strategy is guided by four key investment themes:

Tapping the potential of transforming economies such as China, India, Southeast Asia, and Latin America through investments in sectors such as financial services, infrastructure, and logistics.

Leveraging growing consumer demands through investments in sectors such as telecommunications, media and technology, and consumer and real estate.

Seeking out economies, businesses and companies with distinctive intellectual property and other competitive advantages.

Investing in companies with a strong home base as well as companies at inflection points, with the potential to be regional or global champions.

Community Engagement

Since its inception, Temasek has committed over S$1.5 billion to community and philanthropic activities in Singapore and beyond.[185] Temasek chairman Lim Boon Heng said that the underlying principle is to "support organisations to build capability and…programmes that help people to help themselves, become self‑reliant and lead better lives." He added that Temasek prefers not to give one‑off donations; instead, it supports worthy programmes continuously, which is why it establishes endowments to serve this purpose.[186]

Since 2003, Temasek has contributed a portion of its annual returns to its communities, focusing on "building people, building communities, building capabilities, and rebuilding lives".[187]

Temasek Trust

Established in 2007, with an initial endowment of S$500 million,[188] Temasek Trust is a philanthropic arm of Temasek, overseeing the management and disbursement of Temasek’s endowments and gifts, earmarked for specific non-profit philanthropic organisations (NPPOs).

Temasek Trust receives donations for each year of Temasek's positive revenue which may be added to the endowment in Temasek Trust or be designated for specific uses. The Trust re-invests the endowment gifts from Temasek, and serves as a growing stakeholder for Temasek. It is also responsible for the disciplined disbursement of the endowments on a sustainable basis to the various NPPOs sanctioned by Temasek.[189]

The Trust has its own Board of Trustees to manage endowments and donations separately from the NPPOs that develop and deliver community programmes. The Board of Trustees consists of Mr Lee Seng Wee, Chairman, Mr S Dhanabalan, Member, and Mr Ratan Tatam Member; led by Ms Jacqueline (Jackie) Wong, CEO.

Beneficiary NPPOs are independently responsible to their Boards for the development and delivery of the community programmes within their respective mandates.

Temasek has seeded or adopted the following NPPOs:

STEP was created in 1997 to commemorate Temasek’s 30th Anniversary and to provide opportunities for Asian youth to connect with others in and around Asia. Its programmes enable the youth to engage with the less fortunate, learn specific areas on Science, connect with and have a better understanding and appreciation of the cultures and aspirations of youths from other countries in Asia. Since 1997, almost 2,000 teenage students from various countries, including almost 600 junior college and polytechnic students from Singapore, have participated in the Sunburst Youth Camp.[190]

SMF was founded in 2011 to promote and advance scientific progress in Singapore. It funds research programmes relevant for Singapore, including programmes for mental health, Parkinson’s disease, neuromuscular disease, liver and lung cancer, bio-fuel, ageing, palliative care, special needs education and non-medical bioscience.[191]

TEF was set up in 2011 to support education opportunities in Singapore through the nurturing and supporting of young talents in the areas of sports, mathematics, science, arts, and music. TEF has endowments totalling S$150 million, including three S$35 million endowments named after Singapore’s pioneering leaders, EW Barker, Tay Eng Soon, and David Marshall.[192]

Established in 2002, TLL brings together 240 researchers from 21 different nationalities to undertake bio-molecular science research and applications to benefit people in Asia and beyond. It focuses primarily on understanding the cellular mechanisms that underlie the development and physiology of plants, fungi, and animals and also has affiliations with the National University of Singapore and Nanyang Technological University.[193]

Temasek Cares was established in 2009 to commemorate the 35th Anniversary of Temasek. Backed by two endowments of S$100million, S$70million, and another S$40 million in March 2014, Temasek Cares aims to improve the lives of underprivileged individuals, families, and communities in Singapore. It has since aided nearly 13,000 individuals in Singapore over the last four years.[194] One example is the KK Women's and Children's Hospital’s IMPACT programme, which helps children with diverse or difficult needs. Since 2011, the programme has assisted 1,500 children as well as trained 184 individuals to become facilitators.[195]

The newest endowment fund of S$40 million was announced by Lim in March 2014 to commemorate Temasek’s 40th anniversary. Called the Temasek Emergency Preparedness (TEP) fund, it will support programmes that help people in crises or emergencies including environmental disasters like haze, severe accidents, or trauma.[196][197]

Working with expert institutions from Singapore and the region, TF supports training programmes in health care, education, public administration, and disaster-preparedness, as well as programmes that promote positive networks of cooperation in and across communities in Asia. Since May 2007, it has committed almost S$114 million in support of 178 programmes in 19 countries in Asia.[198]

The S$100 million[199] SRE was set up with the objective to achieve development, peace and stability in the region by deepening international friendships, promoting regional cooperation, and fostering a greater and common understanding of international rules, based on the twin pillars of good governance and sustainability.

The S$35 million[199] Hon Sui Sen Endowment focuses on talent development in the Asian financial sector through the Temasek Regional Regulators Scholarship Programme at the Wealth Management Institute.

T-Touch

T-Touch is a volunteer initiative driven by Temasek employees to support various communities in and around Singapore. It is supported and supplemented by company-side programmes and initiatives, including the Temasek Community Day, which falls on the anniversary of the company’s incorporation.

Donations by Temasek’s employees for community causes are matched by the company.[200]

Some of the beneficiaries of T-Touch’s initiatives include the elderly, the disadvantaged, ex-offenders, and children with special needs.

T-Touch also engages the wider communities outside of Singapore through international activities in Asia and Latin America.

Sponsored Initiatives/Events

Temasek hosts and sponsors a wide array of initiatives and events to share perspectives and experiences with partners from around the world, including the International Monetary Fund, the International Forum of Sovereign Wealth Funds, the World Bank Group, the European Union, and other multilateral institutions, as well as national institutions such as China’s State-Owned Assets Supervision and Administration Commission (SASAC), Korea's Investment Corporation, Kazakhstan’s Samruk-Kazyna, Australia’s Future Fund, and Norway’s Norges Bank.

Other regular/one-off events include:

Over the last decade, Temasek has also seeded a number of purpose built institutions to help develop and strengthen capabilities in the financial and corporate sectors in Singapore and the rest of Asia.

Established in 2003, the Wealth Management Institute (WMI) is a leading provider of wealth management training and education in the region, developing talent for the region’s fast-growing wealth management sector.[201]

WMI’s main programmes are:

Since its establishment, more than 5,500 professionals from around Asia have completed WMI’s programmes.

Established in 2008, the Sim Kee Boon Institute for Financial Economics at the Singapore Management University focuses on education and research to build capacity in the financial sector.[202]

Launched in 2011, the SCG Centre aims to foster thought leadership and help companies develop succeeding generations of corporate directors through signature programmes and regular forums.[203]

Controversy

Temasek is fully owned by Singapore's Ministry of Finance, and these close links to the government have on several occasions caused protests in foreign countries.

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.[204] 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.[205] As of 2011, Temasak still effectively controls the majority of share in Shin Corporation which changed its name to Intouch Corporation via its affiliates.[206]

See also

References

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