Temasek, JTC ink mega-merger deal for four subsidiaries

Ascendas will be merged with Singbridge Group.

Government-owned entities Temasek and JTC Corporation have inked a deal to merge four of their operating subsidiaries into an integrated urban solutions platform.

The four subsidiaries involved are Ascendas Pte Ltd, Singbridge Group, JURONG International Holdings and Surbana International.

The four subsidiaries will be reorganised to create two independent operating arms. Ascendas will be merged with Singbridge to take on an asset investment & holding role, while Surbana will be merged with JIH to provide building & engineering specialist services.

JTC and Temasek began exclusive talks to explore the merger in September 2014. Both parties have agreed to move forward with the merger after completing the due diligence process. The merged group will be jointly owned by JTC and Temasek through a 49:51 partnership.

Subject to relevant regulatory approvals, the merger is expected to be completed by the first half of 2015.

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