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JTC Corporation and Singapore investment company, Temasek plans to merge four of its subsidiaries to create a colossal developer that will tap the growing demand for eco-friendly cities in Asia and across the globe.
According to a joint announcement yesterday (4 September), both firms will explore the possibility of joining together Temasek’s SingBridge Group and Surbana International Consultants Holdings with JTC’s Ascendas and Jurong International Holdings (JIH).
“The enlarged group, with its complementary synergies and significant scale, will be well-positioned to provide end-to-end solutions for urbanisation needs in Asia and other markets,” they said.
In line with the move, Temasek and JTC have appointed advisers and consultants to provide fair market valuation and as part of their due diligence process.
JTC’s Chief Executive Officer Png Cheong Boon, said: “The combination of the four well-established Singapore companies will offer a unique and competitive value proposition to tap on urbanisation opportunities in Asia and emerging markets.”
“The merged group will have the scale, capabilities and resources to participate in the entire urbanisation value chain, deepen its presence in existing markets and develop new ones,” he noted.
Temasek’s Head of Enterprise Development Group Dilhan Pillay Sandrasegara added that the proposed partnership with JTC provides a unique opportunity to create an integrated urban solutions platform that banks on the capabilities of four experienced local companies to cater to the growing need for sustainable urban solutions.
The announcement noted that all four companies will continue to operate as usual, including Ascendas’ listed entities, and that the proposed merger will not induce any general offer obligations on the part of the parties.
(Composite image)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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