Temasek does not see merger of subsidiaries to sniff down deals
What's more important is to add value to these companies, says CEO Dilhan Pillay Sandrasegara
Singapore
TEMASEK Holdings has a sprawling number of subsidiaries, including investment vehicles and funds. But even as the investment opportunities are narrowing, while yield-hungry investors continue to prowl for deals, a consolidation of Temasek units to address this competitive environment is not entirely on the cards for now.
Speaking to the media on Tuesday at the launch of Temasek's annual review, Dilhan Pillay Sandrasegara, CEO of Temasek International, said that the state investor will not look to consolidate subsidiaries for "the purpose of trying to figure out if there's activity". On that strategy alone, "it doesn't really work out in the long run", he said, when asked about consolidation of these multiple subsidiaries.
"What's more important is that we add value to these companies in the ways that we can, to help them deliver their own long-term sustainable trajectory that they would like to see in them," said Mr Sandrasegara.
Separately, Temasek had from April seen a handover of leadership reins, with Mr Sandrasegara taking over the role of CEO at Temasek International. Ho Ching, who remains CEO of Temasek International's parent firm, Temasek Holdings, stepped down from her role as chairman of Temasek International. The former CEO of Temasek International Lee Theng Kiat has taken over as chairman of Temasek International.
Asked about the role of Ms Ho today, as well as the leadership transition at Temasek, Mr Sandrasegara said: "I joined Temasek nine years ago, and one thing about Ho Ching is that she's empowered all of us to take leadership in this company. She was very focused on making sure that we own the future, for ourselves, and for those who work for the stakeholders."
He added that the oversight of Temasek's investment activities lies within Temasek International today.
"She's now very much involved in the stewardship aspects of Temasek . . . she still keeps a watchful eye over all of us to make sure we continue to do the right thing."
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