Singapore: Temasek Holdings Pte, Singapore’s state-owned investment company, said it set up a $329 million (Rs1,348.8 crore) fund to promote development in Asia.
Temasek, which has invested in developing nations such as China and India, said the foundation will fund programmes in education, health care and research. The fund will also support disaster relief, it said in a statement.
“Being headquartered in Singapore, we can feel the pulse and see the opportunities in Asia,” Temasek chairman Suppiah Dhanabalan said. “We do this also because our long-term future is anchored in a thriving and peaceful Asia.”
Temasek, which manages about $85 billion of investments, is increasing its shareholdings in overseas firms to boost earnings. The company had record profit of about $8.5 billion in the year ended 31 March 2006, bolstered by investments in companies such as Bank of China Ltd and China Construction Bank, the country’s second and third-largest lenders, respectively.
Temasek said the trust will disburse around 4% of its funds each year to designated beneficiaries, and around 10% to “major initiatives”, without elaborating. Trustees include Tata Group’s Ratan Tata and former mayor of Shanghai, Xu Kuangdi.