Keppel impairment thwarts Temasek's restructuring plans

When it comes to ensuring that Temasek Holdings’ portfolio companies continue to survive and thrive, the state investment fund usually has its way through intervention.

This included the $15 billion rescue package of Singapore Airlines earlier this year to keep the national flag carrier afloat. The intervention also included the recapitalisation of Sembcorp Marine (SembMarine) via a rights issue and the demerger of SembMarine from Sembcorp Industries, which were approved overwhelmingly by shareholders on Aug 11.

However, Temasek’s move to acquire a larger control of Keppel Corp — in the aim of potentially restructuring the conglomerate — has not gone its way.

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