May 19, 2020

Exxaro Moves In On Territory Resources

SKYCITY
Glen McLatchie
Bizclik Editor
2 min
Exxaro Moves In On Territory Resources

 

South African-based Exxaro Resources has outbid Noble Group for the purchase of iron ore miner Territory Resources.

For 46 cents a share, Perth-based Territory Resources’ board recommends that shareholders accept the A$123 million offer—and ends a proposed takeover by 22 per cent shareholder Noble. The Exxaro offer was a 64 per cent premium to its last closing share price.

In a statement released Monday ending a debt-to-equity agreement with Noble, Territory said, “Importantly, Territory has been able to agree binding documents with Exxaro which include financing arrangements that will ensure Territory has the required capital to meet its short term funding needs if the existing Noble facilities are withdrawn or scaled back.”

Exxaro already has a pre-bid acceptance agreement with DCM DECOmetal for its 11.2 per cent holding in Territory. While Territory and Exxaro believe the Offer provides a very attractive opportunity for Territory shareholders, the offer is conditional on a 60 per cent minimum acceptance to avoid Noble having a blocking stake. There is also a $1.55 million break free on the deal.

Exxaro CEO Sipho Nkosi said “Territory’s assets provide an excellent match to Exxaro’s stated objective of gaining operational exposure in iron ore.  Territory represents a reasonably sized opportunity which will allow Exxaro to leverage its bulk commodity and iron ore beneficiation expertise.  At the same time the Offer allows Territory shareholders the opportunity to realise an attractive cash price at a considerable premium to the market value.”

Territory shares rocketed on Monday, closing 58.9 per cent higher at 44 cents.

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Jun 7, 2021

Business Chief Legend: Ho Ching, CEO of Temasek

hoching
legend
singapore
Temasek
3 min
Singaporean Ho Ching created the largest listed defence engineering company in Asia, before leading Singapore’s sovereign wealth fund to global success

Ask Singaporeans who Ho Ching is, and the majority will answer the ‘wife of Prime Minister Lee Hsien Loong’. And that’s certainly true. However, she’s also the CEO of Temasek Holdings, Singapore’s sovereign wealth fund, and one of the world’s largest investment companies.

Well, she is until October 1, 2021, as she recently announced she would be retiring following 16 years as CEO of the investment giant.

Since taking the reins in 2004, two years after joining Temasek as Executive Director, Ho has gradually transformed what was an investment firm wholly owned by Singapore’s Government into an active investor worldwide, splashing out on sectors like life sciences and tech, expanding its physical footprint with 11 offices worldwide (from London to Mumbai to San Francisco) and delivering growth of US$120 billion between 2010-2020.

Described by Temasek chairman Lim Boon Heng as having taken “bold steps to open new pathways in finding the character of the organisations”, Ho is credited with building Temasek’s international portfolio, with China recently surpassing Singapore for the first time.

As global a footprint as Ho may have however, she has her feet firmly planted on Singapore soil and is committed to this tiny city-state where she was not only educated (excluding a year at Stanford) but has remained throughout her long and illustrious career – first as an engineer at the Ministry of Defence in 1976, where she met her husband, and most notably as CEO of Singapore Technologies, where she spent a decade, and where she is credited with repositioning and growing the group into the largest listed defence engineering company in Asia.

It’s little wonder Ho has featured on Forbes’ annual World’s Most Powerful Women list for the past 16 years, in 2007 as the third most powerful woman in business outside the US, and in 2020 at #30 worldwide.

But it’s not all business. Ho has a strong track record in Singapore public service, serving as chairman of the Singapore Institute of Standards and Industrial Research and as deputy chairman of the Economic Development Board; and is a committed philanthropist with a focus on learning difficulties and healthcare.

As the pandemic kicked off, she not only led active investments in technology and life sciences, with German COVID-19 vaccine developer BioNTech among the most recent additions to Temasek’s portfolio, but through the Temasek Foundation – the firm’s philanthropic arm which supports vulnerable groups close to Ho’s heart, handed out hand sanitiser and face masks.

So, you would be forgiven for thinking that at age 68, Ho might simply relax. But in March 2021, just as she announced her retirement from Temasek, Ho joined the Board of Directors of Wellcome Leap, a US-based non-profit organisation that’s dedicated to accelerating innovations in global health. Not ready to put her firmly grounded feet up yet it seems.

 

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