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TEMASEK Holdings and JTC Corporation said on Monday that they have entered into an agreement to merge four of their operating subsidiaries, namely Ascendas, Singbridge Group, Jurong International Holdings (JIH) and Surbana International Consultants Holdings.
The merged group, with an aggregate value of S$5 billion based on underlying entities, will be jointly owned by Temasek and JTC through a 51-49 partnership.
It is slated to take on larger projects globally, offering end-to-end urban development solutions.
The four subsidiaries will be reorganised to form two independent operating arms helmed by two different chairmen.
Wong Kan Seng, current chairman of Singbridge, will chair the asset and holding arm formed by Ascendas and Singbridge. Miguel Ko, executive director of Singbridge, will take on the role of CEO. This entity will originate, aggregate and provide urban solutions.
Liew Mun Leong, current chairman of Surbana, will chair the the building and engineering specialist services unit formed by Surbana and JIH. Wong Heang Fine, former chief of CapitaLand's Singapore residential arm, has been appointed CEO of the Surbana-JIH entity. This entity will provide urban solutions through technology.
Mr Wong Kan Seng noted that urbanisation trends in emerging markets hold significant investment potential and opportunities for Singapore companies.
"Through this integrated platform we will have bigger scale and deeper expertise to handle many large-scale and complex urban development projects," he said. "Our established relationships with local governments and business communities will enable us to develop urban solutions that can effectively address specific local initiatives and requirements across the region."
Mr Liew noted that the merger of Surbana and JIH will create "an international building and engineering consultancy powerhouse to meet the fast growing and more complex needs of the development industry in Singapore and overseas".
The four operating subsidiaries should see minimal impact to their current business and operations.
Subject to regulatory approvals, the merger is expected to be completed by the first half of 2015.