The Tan Sri Khoo Teck Puat Estate Agrees to Sell Shares in Standard Chartered to Temasek

The Tan Sri Khoo Teck Puat Estate (Estate) and Temasek Holdings (Temasek) are pleased to announce that the Estate has entered into an agreement to sell or procure the sale of 152,399,222 ordinary shares in Standard Chartered PLC (representing approximately 11.55% of Standard Chartered's ordinary share capital) to Dover Investments, a wholly owned subsidiary of Temasek. This transaction is subject to the relevant regulatory approvals in certain jurisdictions. In addition to this stake, Temasek, directly and indirectly, holds approximately 0.07% of the ordinary shares of Standard Chartered.

Ms Elizabeth Khoo, a trustee of the Estate said, "We are pleased to have concluded the agreement. Given Temasek's experience in investing in banks and companies globally, we are confident that Temasek will be able to effectively support Standard Chartered's continued growth. My late father would be happy as he had wanted the block to be sold to a proven long term investor and had a high regard for Temasek."

Mr Simon Israel, a board member and Executive Director designate of Temasek, added, "Tan Sri Khoo has distinguished himself as an astute investor who embodies the true spirit of an entrepreneur. He has left a legacy built with his foresight and outstanding business acumen. We are indeed privileged to have this opportunity to invest in a unique franchise with an outstanding board and management team. We greatly admire the way the Stadard Chartered team has successfully developed a distinctive strategy, delivered a growth track record, and created shareholder value over the last few years. Like Tan Sri Khoo, we will continue to support the company in their quest to deliver sustainable shareholder value."

Mr Gan Chee Yen, Senior Managing Director for Investments of Temasek, noted, "Asia is at an inflexion point, poised to open its markets and create opportunities for more than half of mankind. Standard Chartered, with its outstanding leadership, is well-positioned to capture this growth. Investing in the company is consistent with our strategy of investing in Asia's financial services sector and it is an important part of our ongoing efforts of achieving a balanced portfolio."

About Temasek Holdings

Established in 1974, Temasek Holdings is an Asia investment company headquartered in Singapore. It manages a diversified global portfolio of US$60 billion, principally in Singapore, Asia and the OECD economies, and has a corporate credit rating of AAA/Aaa by Standard & Poor's and Moody's respectively.

Its investments cover various industries: telecommunications and media, financial services, property, transportation and logistics, energy and resources, infrastructure, engineering and technology, as well as pharmaceuticals and biosciences.

For more information, please visit www.temasekholdings.com.sg

About Tan Sri Khoo Teck Puat

When Tan Sri Khoo Teck Puat passed away on 21 February 2004 at the age of 87, he was the largest individual shareholder in Standard Chartered PLC (Stanchart). Having established himself as an accomplished banker in Singapore, he started up Malayan Banking Berhad (known today as Maybank) in 1960. Tan Sri Khoo brought banking to the people of Singapore and Malaya (later Malaysia) by developing a network of 106 branches, not just in major cities but also small towns. He viewed banking as a service to the community and opened branches in rural areas where other banks did not operate. Malayan Banking also grew internationally and distinguished itself as the first local bank to open a branch in London. Between 1960 and 1965, Malayan Banking became the fastest

growing bank in the world.

Tan Sri Khoo's most famous investment in banking, however, came in 1986, when he was one of three financiers who came to the rescue of Stanchart to stave off a hostile takeover by Lloyds Bank. Tan Sri Khoo became one of Stanchart's "white knights" by increasing his shareholding to more than 5 per cent in the days leading up to the deadline for the bid. Hong Kong shipping and

For media queries, please contact:

Temasek Holdings (Private) Limited

Eva Ho

Director, Corporate Communications

Tel: +65-6828-6763

Mobile: +65-9617-6234

Email: [email protected]

Serene Lee

Associate Director, Corporate Communications

Tel: +65-6828-6765

Mobile: +65-9692-0918

Email: [email protected]

Rick Clements & Associates Pte Ltd

Rick Clements

Mobile: +65-9752-8316

Email: [email protected]

SOURCE: Tan Sri Khoo Teck Puat Estate; Temasek Holdings

--Distributed by AsiaNet ( www.asianetnews.net )--

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• ข่าวStandard Chartered
• ข่าวTemasek Holdings
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