Temasek operates like any investment firm

WE APPRECIATE Mr Patrick Tan Siong Kuan's concern over Temasek Holdings' investment in Shin Corp ('Billions at stake, so Shin saga a national concern'; ST, March 3).

Temasek operates with commercial discretion and flexibility as a commercial investment company. Like other investment firms, our investment decisions are based on commercial considerations within the appropriate risk-adjusted return framework for the different industries and markets.

Our investment in Shin Corp in Thailand was no different. We had a positive assessment of the outlook for Thailand, and completed the investment in accordance with market norms and best practices in international mergers and acquisitions. We continue to monitor the political situation and business environment in Thailand and will take the appropriate decisions as an investment firm.

Temasek is accountable to our shareholder in terms of our overall returns. We have maintained our Triple A credit rating by Standard & Poors and Moody's. This means we are financially sound and have sufficient assets and liquidity to support our obligations and investments.

It remains our objective to continue to deliver sustainable long-term returns.

Myrna Thomas (Ms)
Managing Director
Corporate Affairs
Temasek Holdings