JTC, Temasek exploring merger of four units to tap on growth opportunities

SINGAPORE - Industrial landlord JTC Corporation and Singapore investment firm Temasek Holdings are exploring a merger of four of their operating subsidiaries.

They will begin exclusive talks to merge Ascendas, Jurong International, Surbana International Consultants and Singbridge Group into a "combined integrated platform for sustainable urban development", they said in a joint statement on Thursday.

Ascendas and Jurong International are under JTC, while Surbana and Singbridge are Temasek units.

"Urbanisation is continuing at an unprecedented scale and speed in cities across China, India and South-east Asia," JTC and Temasek said.

They noted that the merged group, with its significant scale, could offer "end-to-end" solutions for urbanisation needs in Asia and other markets.

JTC chief executive Png Cheong Boon said in a statement: "The merged group will have the scale, capabilities and resources to participate in the entire urbanisation value chain, deepen its presence in existing markets and develop new ones."

Mr Dilhan Pillay Sandrasegara, Temasek's head of enterprise development, said that Temasek "sees growing opportunities in the sustainable urban development sector".

JTC and Temasek said that the operating entities of Ascendas, Jurong International, Surbana and Singbridge will "continue business as usual, including the listed entities under the Ascendas group".

The proposed merger will not trigger any general offer obligations, they added.

Both parties have engaged advisers and consultants as part of their due diligence process, and to provide fair market valuation.

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