Temasek Holdings Pte, Singapore’s state-owned investment company, is planning to set up an office in Europe and another in the U.S., the Straits Times reported, citing the head of the firm’s investment group.
The U.S. office will be probably on the East Coast, Chia Song Hwee told the newspaper. The office in Europe will be in “the center of activities,” the newspaper reported Chia as saying, without elaborating. Stephen Forshaw, a Singapore-based spokesman for Temasek, confirmed the remarks in the report.
The share of Temasek’s investments in Europe and North America increased to 11 percent of its portfolio as of March 2012 from 8 percent in the previous year, according to its latest annual review, published in July. Temasek paid 1 billion euros ($1.3 billion) for a 5.04 percent stake in Repsol SA, the Spanish oil company said in March. It agreed to buy a 4.6 percent stake in German chemical maker Evonik Industries AG, a person familiar with the matter said the same month.
“In Europe, we continue to believe that there are many good companies, with good operations, good growth potential and meaningful exposure outside Europe,” Chia was quoted as saying in the newspaper. “We will continue to seek out those opportunities.”
Temasek is seeing signs of an economic recovery in the U.S., the newspaper reported. The picture in Europe is still dim, with sluggish growth expectations and no sign of an upswing in sight, Chia said according to the Straits Times.
The investment company has offices or affiliates in Mexico City, Sao Paulo, Mumbai, Beijing, Shanghai, Hong Kong, Chennai in India, as well as Ho Chi Minh City and Hanoi, both in Vietnam, according to its website. Temasek last week said it has set up a U.K.-based unit that will focus on investments in the region.
Government of Singapore Investment Corp., the city-state’s other investment company, is planning to open a Sao Paulo office next year, a person familiar with the matter said this month.