SINGAPORE, July 5 Singapore state investor
Temasek Holdings, which posted a profit decline in the
last financial year, said it will continue to look for potential
investments in energy and commodities after doubling its
exposure to the sector.
Sovereign investors, hurt by investments in Western banks
during the 2008 financial crisis, have moved away from financial
services into sectors such as commodities and infrastructure.
Earlier this year, the Government of Singapore Investment
Corp, Temasek's sister fund and one of the world's
biggest sovereign wealth funds, bought a 5 percent stake worth
around $500 million in commodities trader Bunge Ltd.
"We will continue to look for opportunities in energy and
resources," Chia Song Hwee, Temasek's head of strategy, told a
media briefing on Thursday.
Temasek's latest annual report released on Thursday showed
that resources and energy accounted for 6 percent of its
portfolio as of the end of March, up from 3 percent at the end
of the previous financial year.
In the 12 months ended March, Temasek invested S$2 billion
($1.58 billion) in U.S. shale company FTS International and
S$1.3 billion in fertiliser firm Mosaic Co.
This month, corporate filings showed the Singapore investor
had built up a 5.5 percent stake in Canada's Ivanhoe Mines
, increasing its bet on resource companies.
Other recent resources deals by Temasek include
participation in a $468 million investment to help fund
U.S.-based Cheniere Energy's first liquefied natural gas export
plant and an unspecified stake in Venari Resources, an
early-stage oil and gas exploration company active in the Gulf