SINGAPORE, July 4 Singapore state investor
Temasek Holdings Pte Ltd said it plans to step up
investments in the United States and Europe and could take
advantage of a restructuring in China by investing further in
the world's second-biggest economy.
The city-state's second-biggest sovereign investor reported
an 8.6 percent rise in its portfolio size to a record S$215
billion ($168.8 billion) in its last financial year that ended
in March, helped by a rebound in Asian shares.
"We are, however, seeing increasing opportunities in the
United States and Europe that are beneficiaries of the growth in
other geographies, and are likely to step up our pace of
investments in these markets," Temasek said in its annual review
It also said structural changes in China's economy will
create investment opportunities in state-owned enterprises and
the private sector.
Temasek - headed by Ho Ching, the wife of Singapore's Prime
Minister Lee Hsien Loong - is a major global investor, holding
stakes in firms such as Singapore Airlines Ltd and
Standard Chartered Bank Plc.
It has also poured billions of dollars into large Chinese
banks, including about $2.4 billion into the Industrial and
Commercial Bank of China since 2012 alone.
Temasek, which invests mainly in Asia, said its net profit
edged down to S$10.6 billion from the previous year's S$10.7
Singapore's AAA-rated wealth fund said 30 percent of its
portfolio was in Singapore as of the end of March, 23 percent in
China and 13 percent in Australia.
Focusing on European companies with global operations,
Temasek paid $779 million for a 5 percent stake in German
chemical maker Evonik Industries and $1.35 billion for
an additional 5 percent stake in Spanish oil group Repsol