News Releases

Back to listing

Temasek acquires additional 5% stake in Repsol

4 March 2013

  • Singapore investment company Temasek has purchased an additional 5% of treasury shares in Repsol, a Spanish oil and gas company.
  • Together with its existing 1.25% shareholding in Repsol, Temasek now owns approximately 6.3% of Repsol’s outstanding shares.
  • The 5% of treasury shares amounts to 1.036 billion euros, or S$1.68 billion at today’s exchange rate.
  • “We are very pleased to have amongst our shareholders an investor as significant and prestigious as Temasek with what we believe this represents in terms of recognition and support for the company’s management and growth strategy,” said Repsol Chairman Antonio Brufau.
  • “The investment in Repsol deepens our exposure to the energy sector through a high quality growth-oriented company. The sector is a good proxy for the needs of transforming economies and growing middle income populations, both of which are part of Temasek’s investment themes. We are pleased to have the opportunity to invest in Repsol, and will continue to look for good, long-term investments in the energy space,” said Tay Sulian, Managing Director, Investment, Temasek.

Singapore, 4 March 2013 - Singapore investment company Temasek has purchased 5.04% of shares in Repsol.

Together with its existing share holdings in Repsol, Temasek now owns approximately 6.3% of Repsol’s shares.

The purchase of 64.7 million Repsol shares at 16.01 Euros per share amounts to 1.036 billion Euros (S$1.68 billion at today’s exchange rate).

Temasek, with a portfolio of S$198 billion as at 31 March 2012, is increasing its exposure to the energy sector with this investment in Repsol.

Repsol is a well-established Spanish integrated oil and gas company engaged in exploration,  production, refining and marketing. The Madrid-listed company has an attractive and diverse portfolio of growth assets in oil and gas production, development and exploration, around the world. It also has had strong performance in exploration and reserves replacement with a 204% reserve replacement ratio in 2012. In addition, Repsol has the market leading refining and retail business in Spain. The company recently announced the sale of its LNG assets to Shell for US$6.7 billion, strengthening the company’s balance sheet and reducing net debt by half.

“The investment in Repsol deepens our exposure to the energy sector through a high quality growth-oriented company. The sector is a good proxy for the needs of transforming economies and growing middle income populations, both of which are part of Temasek’s investment themes. We are pleased to have the opportunity to invest in Repsol, and will continue to look for good, long-term investments in the energy space,” said Tay Sulian, Managing Director, Investment, Temasek.

Repsol Chairman Antonio Brufau said; “We are very pleased to have amongst our shareholders an investor as significant and prestigious as Temasek with what we believe this represents in terms of recognition and support for the company’s management and  growth strategy.”

 

About Repsol
Repsol, S.A. is an integrated oil company headquartered in Madrid, Spain. It is listed on the Bolsa de Madrid where it is a member of the IBEX 35 market index. The company engages in the exploration, development, and production of crude oil and natural gas worldwide. It has development and production assets in more than 20 countries, including the United States, Brazil, Trinidad and Tobago, Venezuela, Peru, and Bolivia; and exploration assets in the United States, Brazil, and Angola, as well as in Russia. The company has proven reserves of approximately 1.3 billion barrels of oil equivalent and had production of 332 thousand barrels of oil equivalent per day during 2012. It is also involved in the refining and production of a range of oil products. In addition, the company engages in the retail of oil products, oil derivatives, petrochemicals, LPG, and natural gas through 4,506 service stations and supply units in Spain, Portugal, Italy, and Peru.

About Temasek
Incorporated in 1974, Temasek is an investment company based in Singapore, with 11 affiliates and offices in Asia and Latin America. Temasek owns a S$198 billion (US$157 billion) portfolio as at 31 March 2012, mainly in Singapore and Asia.

Temasek's investment themes centre on:

  • Transforming Economies,
  • Growing Middle Income Populations,
  • Deepening Comparative Advantages, and
  • Emerging Champions.

Temasek’s portfolio covers a broad spectrum of industries: energy and resources; financial services; transportation, logistics and industrials; telecommunications, media and technology; life sciences and consumer and real estate.

Total shareholder return since inception in 1974 has been a healthy 17% compounded annually. The company has a corporate credit rating of AAA/Aaa by rating agencies Standard & Poor's and Moody's respectively.

Editor’s Note:
Spain’s economy is the 4th largest in the Eurozone.

 

Back to listing

Temasek Review 2014

Our journey has just begun: 
Temasek ends active year with a S$223 billion portfolio, closing with a net cash position.

Investment Themes

Guided broadly by our investment themes, we seek to build a portfolio that delivers sustainable long term returns.