FACTBOX-Key facts on Singapore's Temasek wealth fund
July 17 (Reuters) - Singapore's Temasek may shift strategy under its new CEO Charles Goodyear after it suffered big losses on holdings in Western banks bought during the early phase of the credit crisis. [ID:nSIN190820]
Following is a snapshot of Temasek [TEM.UL], which State Street ranks as the 9th largest among the world's sovereign funds and monetary authorities that operate like sovereign funds.
Temasek has said it plans to be about 30 percent invested in Singapore, 40 percent in the rest of emerging Asia, 20 percent in developed countries and 10 percent in other emerging markets.
Japanese investment bank Nomura said in June that Goodyear may cut the fund's large holdings in banks and trim stakes in other firms such as SingTel (STEL.SI) as he reallocates money to energy and consumer sectors.
TEMASEK HOLDINGS LTD
ASSETS: S$127 billion ($87 billion) as of Nov 2009, down from S$185 billion at end-March 2008.
Finance Minister Tharman Shanmugaratnam told Parliament in May there was no major change in the value of the fund's assets as at end-March 2009 versus November. He noted Temasek made S$56 billion in the six years since March 2003, or a return of just over 15 percent a year, beating global equity markets.
RECENT ASSET SALES
Bank of America (BAC.N) - Temasek sold a 3 percent stake in the 2009 first quarter at an estimated loss of over $3 billion. [ID:nSP484090]
Barclays (BARC.L) - Temasek sold a 2 percent stake in December and January, sources told Reuters, at an estimated loss of over 800 million pounds ($1.27 billion). [ID:nL3348122]
March 9 - China's Minsheng Banking Corp (600016.SS) said Temasek sold its remaining 2 percent stake in the last quarter of 2008.
June 1 - Singapore commodities firm Olam International (OLAM.SI) said it agreed to sell a 13.76 percent of its enlarged capital to Temasek for $303 million.
May 22 - Temasek will invest $600 million in China Construction Bank (601939.SS) (0939.HK) to raise its stake to 6.5 percent. [ID:nSHA74851]
March 7 - Bank of China chairman quoted as saying Temasek promised not to sell its shares in Bank of China (601988.SS) (3988.HK).
Temasek has supported rights issues of Standard Chartered (STAN.L), DBS (DBSM.SI), Chartered Semiconductor CSM.FSI, PT Bank Danamon (BDMN.JK), CapitaLand (CATL.SI) and NOL (NEPS.SI).
Singapore Telecommunications - 55 pct
Singapore Airlines (SIAL.SI) - 54 pct
DBS Group - 28 pct
Neptune Orient Lines - 67.4 pct
CapitaLand - 40 pct
Standard Chartered - 19 pct
China Construction Bank - 6.5 pct
Bank of China - 4 pct
ICICI (ICBK.BO) - 8 pct
MANAGEMENT: Goodyear will take over as CEO on Oct. 1, replacing Ho Ching, wife of Prime Minister Lee Hsien Loong.
TRANSPARENCY: Temasek issues an annual report giving the size of its assets, its investment performance and its largest holdings. The fund is rated AAA by Standard & Poor's and Moody's.
HISTORY: Temasek was created in 1974 to hold and manage investments in state-owned companies such as SingTel, SIA and DBS, which were previously held by the Ministry of Finance. The firm has in recent years diversified its holdings into overseas companies. (Compiled by Saeed Azhar and Kevin Lim)
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