Temasek gives back to society
After years of expansion in Asia, Temasek Holdings is reaching out to return profits to society through yesterday's launch of the Temasek Trust with an initial endowment of 500 million Singaporean dollars (Bt11.34 billion).
The Temasek Foundation was also launched to focus on programmes which contribute to the development of Asians.Headquartered in Singapore and anchored in Asia, Temasek's philosophy has been to both benefit from and contribute to growth and development in Asia. It has been playing a quiet role beyond its investment focus by sponsoring scholarships, supporting disaster relief, organising youth-exchange programmes and funding research. The trust and foundation were launched amid negative news affecting the Singapore investment arm, particularly from Thailand, where its takeover of Shin Corp has turned sour. While many individuals involved in the deal are being investigated for possible violation of the Foreign Business Act, Shin Corp yesterday announced its first first-quarter net loss in 15 years. The Bt1.7-billion deficit stemmed mainly from an impairment loss from iTV, whose broadcasting licence was revoked in March, and lower demand for loans at Capital OK. In a press statement, Temasek Holdings said that in 2003 it had made a commitment to set aside funds for the wider community for every year that it delivered returns above its capital costs. It has been accumulating these funds over the past four years of successful investments. The Temasek Trust institutionalises the commitment of the Temasek Holdings board, management and staff to share the fruits of its labours and to play a constructive role in the continued progress and success of Asia and her people. Speaking at the presentation of the Deed of Gift to the Temasek Trust, Temasek Holdings chairman Suppiah Dhanabalan said: "Over the last decade or so, Temasek has been investing in the region, not just because we are headquartered in Singapore and can see the opportunities in Asia, but also because our long-term future is anchored in a thriving and peaceful Asia. "Just as we have both benefited from and contributed to Singapore's success through our investments since the 70s, we hope to similarly benefit from and contribute to Asia's growth and development through our role as a long-term investor in Asia and through our contributions as a corporate citizen." - The Nation
|
