Singapore state investor Temasek Holdings is mulling a sale of select assets from its subsidiary Pavilion Energy, according to a Bloomberg report citing sources close to the matter.
Temasek is reportedly teaming up with British bank Barclays Plc for the potential sale and is looking to exclude Pavilion Energy’s gas pipeline business from the deal as it’s considered a strategic asset for the city-state.
Bloomberg reported that its sources, who requested to remain anonymous, said Temasek has begun assessing interest from potential buyers but the process is still in its early days, and there remains a possibility that the firm may opt to retain its assets.
Representatives from Barclays, Pavilion Energy, and Temasek reportedly declined to comment.
Last month, Temasek announced a -5.07% shareholder return for the year ended March 31, 2023, its worst performance in seven years and its fifth instance of negative one-year returns since 2003.
The state investment firm’s net portfolio value was reported at S$382 billion ($287 billion), a decline from S$403 billion in the preceding year. Notably, the institution also incurred a net group loss of $6 billion.
Temasek is ranked as the ninth largest sovereign wealth fund globally, as per data from the Sovereign Wealth Fund Institute.
According to Pavilion Energy’s website, the company is a wholly-owned subsidiary of Temasek that is headquartered in Singapore and is actively engaged in the trading and transportation of liquefied natural gas (LNG) across the Asia and Europe.
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