Jul 08, 2016

    Temasek's portfolio value drops 9%

    SINGAPORE state investor Temasek Holding said the value of its portfolio fell

    9 per cent in the year ended March, the first decline since 2009, as its investments were hit by weak markets in China and the rest of Asia.

    Temasek also said it expects more volatile markets and

    an increasingly challenging business environment, and that it had the financial flexibility to pursue investment opportunities that arise.

    Temasek is a major global investor with stakes in Standard Chartered, Chinese banks and Singapore's top companies.

    It made investments of $30 billion in the last financial year, led by targets in the United States and followed by China.

    But the value of its portfolio declined to $242 billion from $266 billion in the previous financial year,

    it said in its annual review yesterday.

    Temasek, which has been increasing investment in United States companies such as accommodation-sharing start-up Airbnb, will open

    an office in San Francisco

    this year to target technology companies. It already has an office in New York.

    In its previous financial year, Temasek's portfolio jumped nearly a fifth

    to a record high.

    On Standard Chartered, Temasek's head of financial services, Png Chin Yee, said the London-listed bank's chief executive Bill Winters had made a good start and "steadied the ship".