SINCE it began its approach of greater engagement with its portfolio companies, Temasek has seen a value uplift “north of S$10 billion”.

Some of the corporate action that generated this uplift were:

• CapitaLand’s acquisition of real estate group Ascendas-Singbridge in 2019, and its subsequent restructuring into a listed real estate investment manager and a privately held real estate developer in 2021;

• A capital raising exercise for Singapore Airlines : C6L 0% in 2020, to strengthen the airline’s balance sheet and prepare it for a reopening of borders following the pandemic;

• The Sembcorp Industries : U96 0% demerger from Sembcorp Marine in 2020, to focus on opportunities from the energy transition; and

• Keppel : BN4 0%’s divestment of its offshore and marine operations in 2022, and its new focus on asset management.