Singapore Temasek says China assets now at S$4 bln
Mon Oct 24, 2005
SINGAPORE, Oct 24 (Reuters) - Singapore's state-owned investment firm Temasek Holdings [TEM.UL] said on Monday that its direct portfolio exposure to China has risen to about S$4 billion ($2.4 billion) this year and that it wants to invest in Chinese state companies in sectors such as finance and energy.
"Investments in China are part of the core holding in our portfolio. While the risks and challenges are many in the road ahead, we are confident of China's long-term prospects," said S. Dhanabalan, Temasek's Chairman in a speech delivered in Beijing.
Dhanabalan said Temasek wants to invest in companies that act as "broad-based proxies of the economic transformation in China".
These include firms in banking and finance, energy and resources, and infrastructure, he said.
He added that Temasek is awaiting regulatory approval for its 10 percent stake in Bank of China [BOC.UL], for which it paid US$3.1 billion.
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