Temasek's offer to buy out SMRT Corporation for about S$1.2 billion $884 million and unlist Singapore's largest metro operator underlines the state investment fund's unique social role. But it also sets back efforts to expose the city's transport network to market forces.
In a joint statement published late Wednesday, majority shareholder Temasek said it wanted to acquire the remaining 46% stake it does not own in SMRT.
As well as operating three of Singapore’s five existing metro lines, SMRT runs some of the city’s light rail, bus, and taxi services.
Temasek said it wants...