Temasek concerned about secondary market performance

Temasek replies to our article, "NOL placement charters difficult waters."

We refer to the article "NOL placement charters difficult waters" (FinanceAsia, 12 November 03), which says that Temasek is "developing a reputation for riding roughshod over investors" and is "thinking only of maximising proceeds and not of aftermarket performance."

We are perturbed by this conclusion. Temasek has no intention of giving other investors the short end of the stick. As a shareholder, we are as concerned about aftermarket performance as any other investor. In all instances, Temasek still retains a large stake in the companies following any share placement exercises, and it is therefore in our best interests too that the share prices of our companies continue to move positively.

All commercially-run companies, whether they are Temasek-linked companies (TLCs), multi-national corporations, or small & medium-sized enterprises, will want to derive the best value and returns when doing deals. Their shareholders expect that of them.

The article also uses "Temasek" and "GLCs" interchangeably, when they are in fact different entities. Temasek is not involved in the day-to-day business decisions of our TLCs. As a shareholder, Temasek believes that the respective boards and management teams of our TLCs remain responsible for all business and investment decisions, including the day-to-day management, of their companies.

We would appreciate it if you could publish this letter in the next issue of Finance Asia.

Thank you.

Yours sincerely,

Rachel Lin (Ms)
Associate Director
Corporate Communications
Temasek Holdings

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