PRESS RELEASE

TEMASEK HOLDINGS ANNOUNCES SALE OF INDECO ENGINEERS (PTE) LTD ("IEPL")

As part of the Singapore Government's privatisation plans, Temasek Holdings is selling its entire stake in Indeco Engineers (Pte) Ltd ("IEPL"). Investment bank BNP Paribas Peregrine (Singapore) Ltd has been appointed as the financial advisor for the sale.

2 IEPL is a wholly owned subsidiary of International Development and Consultancy Corporation Pte Ltd ("Indeco"), which in turn is 96.4% owned by Temasek Holdings. The other shareholders of Indeco are Urban Redevelopment Authority and JTC International.

3 Established in 1983, IEPL is one of the leading companies in Singapore providing management and maintenance services for building facilities, vehicles and equipment. Facilities management and maintenance services provided by IEPL include maintenance of electrical and mechanical systems, air-conditioning systems and specialised facilities, general building maintenance, landscaping, security and housekeeping. Vehicle and equipment engineering maintenance services include repair, maintenance, assembly and upgrading of vehicles and engineering equipment.

4 For the year ended Mar 00, IEPL made a net profit of $7 million on a turnover of about $79 million. IEPL's senior management comprises a team of highly experienced professionals who have been in the engineering business for many years, and they are supported by a team of experienced technicians and skilled personnel.

5 Leveraging on its proven track record, the company is currently expanding its business both locally and overseas. A strategic buyer will help to bring new business opportunities to the company.

Issued on: 7 August 2000

For media enquiries, please contact:Eva Ho (Ms)
Manager, Corporate Communications
Temasek Holdings (Pte) Ltd
DID: 6828-6763
FAX: 6828-6263
Mobile: 9617-6234