Singapore

Temasek Holdings (Pte) Ltd (“Temasek”) and Singapore Technologies Pte Ltd (“STPL”) today announced a restructuring exercise involving STPL and its group of companies. Under this exercise, substantially all shareholdings in the listed and unlisted companies and other assets currently held by STPL will be transferred to Temasek.

STPL was conceived as the operational headquarters of the ST group of companies to nurture a group of diverse businesses. Most of these companies are now listed independent entities with their own boards and managements.

Ms Ho Ching, Executive Director and CEO of Temasek, explained, “This rationalisation is part of our overall effort to manage Temasek’s capital structure more efficiently. Temasek is grateful to the many key players and dedicated staff who have played critical roles over the years in building STPL and its companies to what they are today. Peter and his leadership team have given them wings to pursue international opportunities, with a disciplined focus on their performance and delivery.”

Temasek and STPL will work together to ensure that there is orderly transfer of STPL’s assets, and that STPL’s obligations are transferred smoothly or addressed appropriately.

All 128 employees of STPL will be released by the end of the year, and offered retrenchment benefits. They will also be reimbursed for courses to support re-training or acquisition of new skills. Career workshops and outplacement counselling will also be made available to all staff.

Mr Peter Seah, President and CEO of STPL, paid tribute to the staff, “As a board member initially, and later as CEO, I watched the companies in the ST group grow and mature. I would like to thank all past and present colleagues of STPL for having done an excellent job in growing the ST group of companies into what they are today. I would also like to thank them for their unstinting support and commitment during my tenure at STPL. Together with Temasek, we will assist our staff to find alternative employment in ST companies and elsewhere.”

Mr Peter Seah will be appointed a member of the Temasek Advisory Panel with effect from 1 January 2005, and will continue to be involved with the Temasek Group through his role as director on the boards of many of the Temasek-Linked Companies.

For media enquiries, please contact:

Eva Ho (Ms)
Director, Corporate Communications
Temasek Holdings (Pte) Ltd
DID: (65) 6828-6763
Mobile: (65) 96176-234
Email: evaho@temasek.com.sg

Kuan Kwee Jee (Mrs)
Director, Executive Resources
Singapore Technologies (Pte) Ltd
Tel (65) 6722-1739
Email: kuankj@st.com.sg