Temasek Holdings ups stake in Cosco Corp (Singapore)
Singapore'sTemasek Holdings stake in Cosco Corp (Singapore) has surpassed 5%, rendering it a substantial shareholder, according to a filings made by China Ocean Shipping (Group) to the Singapore Exchange.
Temasek Holdings is the investment arm of the government of Singapore. It manages a portfolio of more than S$17bn ($12bn) focused primarily in Asia and Singapore, according to its website.
Cosco Corp (Singapore) is a subsidiary of Cosco Group, China"s largest shipping group.
The new status was triggered by the purchase of shares in Cosco by two companies in Temasek"s portfolio.
The Cosco statement said that on April 6, 2010, subsidiaries of DBS Group Holdings purchased 50,000 shares of Cosco which, when combined with shares already held by subsidiaries of DBS and SembCorp Marine and its subsidiaries, increased their aggregate holding to 112,008,713 shares representing approximately 5.0021% of the company"s total issued shares.
DBS Group Holdings is an associated company of Temasek while SCM is a subsidiary of Sembcorp, which is an associated company of Temasek, the statement said.
Temasek became aware that it became a substantial shareholder of Cosco on April 8, the statement concluded.
A spokesperson for Temasek told Lloyd"s List the announcement was a technical one and should not be interpreted as general indicator of the company"s broader investment strategy, which he said was based on themes rather than specific sectors.