Temasek, the investment arm of the government of Singapore, has retained JP Morgan to find a buyer for its wholly owned subsidiary CPG Corporation. The mandate is the first such divestment mandate awarded since Temasek released its Temasek Charter over the summer.
In the Charter it clearly stated that those companies to which Temasek can no longer add any economic value would be divested. Today's announcement Thursday shows that it is sticking to its charter.
CPG Corporation is the corporatized entity formally known as the Public Works Department PWD of Singapore. It is a rather unique company in that it is involved in architecture, civil engineering, property and facilities management, IT services and other...
