Singapore in race for port

April 8, 2010
Singapore Democrats

This post is at least a year old. Some of the links in this post may no longer work correctly.

Scott Armstrong
The Nassau Guardian

The $120 billion investment arm of the government of Singapore is the front-runner to buy the Grand Bahama Port Authority, in the wake of the peace accord between Sir Jack Hayward and the family of Edward St. George.

The Nassau Guardian can reveal that the huge conglomerate Temasek Holdings, the investment arm of the government of Singapore, has a “loose first option” on any deal involving the 100 percent of port authority now that peace has broken out in the ownership battle, with both Sir Jack and the St. Georges committed to working together to find a buyer.

Temasek, an economic powerhouse, is in fact the silent partner The Nassau Guardian revealed back in December last year that was working with the flamboyant Joe Rosetti and his Mid-Atlantic Projects to purchase Sir Jack’s stake the Cayman Islands-based parent company – Intercontinental Diversified Corporation (IDC) – which accounted for 50 percent of the port authority.

However Guardian Business now understands that Mid-Atlantic under the new landscape Mid-Atlantic Partnership is no longer involved, with the two sides of the port coming together to offer 100 percent of the authority to the market.

A source close the negotiations said: “Essentially we now have fresh negotiations however Temasek has a loose ‘first look’ if you will as they had already been working with Sir Jack, but anything which is agreed has to be put before the St Georges and the government of The Bahamas before moving forward.

“As I say this is a new landscape which is 100 percent of the port, which is much better for an investor, any partner coming in doesn’t want to be buying 25 percent or 50 percent, they want the whole thing so they can move forward.

“This is a new chapter, Temasek and Singapore are still there but it is equally possible that somebody else may come forward now that the entire port authority is up for sale.

“All of the shareholders will now work together on the deal and there are a lot of bridges to cross.

“However this is fantastic for Freeport and Grand Bahama.”

Temasek has the highest credit-rating in the world possible with a prized Moody’s credit rating of Aaa, and a Standard and Poors rating of AAA, the highest rating any investment firm can achieve.

It is a global player on a huge scale it has an investment portfolio of around $120 billion employing hundreds of employees across the world.

It also has one of the highest ethical reputations of any company in the world, donating hundreds of millions of dollars each year to good causes including handing out hundreds of international scholarships and donating millions to cancer research and renewable energy.

Guided by an independent board, it operates autonomously on commercial principles to maximize long-terms returns. It’s total shareholder return since inception 35 years ago is more than 16 percent compounded annually.

Its investment strategy centers around four themes:

 

  • Transforming Economies – investing in industry sectors that correlate with the economic transformation of the country
  • Growing Middle Income Populations – It finds opportunities in companies and industries whose growth is fueled by the increasing purchasing power of middle income populations
  • Deepening Comparative Advantages – Tapping the potential of competitively-positioned companies
  • Emerging Champions – Identifying companies proving to be best-in-class, be it regionally or globally

 

On its website Temasek proclaims: “We believe in fostering an environment that is inclusive and promotes ownership, while offering opportunities for our people to realize their full potential. Our people benefit from a balanced Temasek experience – one that enriches our professional and personal lives, including those of our families, and makes an impact on our community.

“We have a diverse and inclusive team, with some 350 staff coming from 22 different countries across the world – Australia, China, India, Japan, Korea, Lebanon, Mexico, Namibia, Pakistan, Singapore, Thailand, the US and Vietnam to name a few.

“More than 40 percent of our senior management team comes from outside Singapore. About two thirds of our people are below the age of 40, and more than half have prior experience in the financial services industry. Close to half of our professional staff are female.

“The knowledge, skills and experiences that diverse people bring to Temasek help to open our minds and promote robust conversations within a collegial workplace. Such exchanges can only further enhance and deepen the Temasek experience.”

The Nassau Guardian attempted to contact Joe Rosetti several times but with no response.

http://www.thenassauguardian.com/bixex/296984932210208.php