Letter to the Business Times: Temasek’s interests aligned with those of Sembcorp Marine shareholders

August 29, 2022. SINGAPORE.

As a major shareholder in both Keppel Corporation and Sembcorp Marine, we think it would also be useful to share our perspectives with fellow shareholders.

We have noted increased commentary on the Proposed Combination of Keppel Offshore & Marine and Sembcorp Marine, and the letter by Sembcorp Industries (Sembcorp) to the Business Times on 25 August 2022 explaining the context behind the demerger of Sembcorp and Sembcorp Marine in 2020.

These highlight important issues for all shareholders to consider as they prepare to vote on the Proposed Combination at the respective EGMs of Keppel Corporation and Sembcorp Marine, expected to take place in the fourth quarter of 2022. As a major shareholder in both Keppel Corporation and Sembcorp Marine, we think it would also be useful to share our perspectives with fellow shareholders.

Temasek became a direct shareholder of Sembcorp Marine in 2020 following the demerger of Sembcorp Marine from its then-parent, Sembcorp. Along with the demerger, Sembcorp Marine carried out a S$2.1 billion Rights Issue to repay a loan of S$1.5 billion advanced by Sembcorp to Sembcorp Marine, and to strengthen its cash position and balance sheet. Temasek sub-underwrote the Rights Issue and took up the Rights Shares not subscribed by other Sembcorp Marine shareholders in the Rights Issue and received its pro-rata entitlement during Sembcorp’s distribution of Sembcorp Marine shares to its shareholders thereafter (based on our 49.3% shareholding in Sembcorp). The demerger and the 2020 Rights Issue resulted in Temasek acquiring a 42.6% shareholding in Sembcorp Marine. The financial outlay by Temasek in the 2020 Rights Issue was S$206 million.

In 2021, amidst the COVID-19 pandemic, Sembcorp Marine urgently needed to recapitalise to address business requirements and complete existing projects. The Board of Sembcorp Marine called for a S$1.5 billion Rights Issue to strengthen the company’s balance sheet, and continue its progress on its transformation journey, which included a Memorandum of Understanding for the Proposed Combination. Temasek participated in the Rights Issue based on commercial considerations. We voted in favour of the Rights Issue and agreed to subscribe for not only our pro-rata entitlements based on our 42.6% shareholding in Sembcorp Marine, but also any excess rights not taken up by other shareholders, up to 67% of the 2021 Rights Issue. The commitment, provided without the benefit of a whitewash waiver resolution, gave Sembcorp Marine certainty that it could raise the full S$1.5 billion that it needed. This resulted in Temasek having to make a Mandatory General Offer, at the Rights Issue Price. Shareholders tendered an additional 8.0% of Sembcorp Marine shares. The financial outlay by Temasek in the 2021 Rights Issue and Mandatory General Offer was S$942 million.

Since becoming a direct shareholder of Sembcorp Marine in 2020 through the demerger of Sembcorp and Sembcorp Marine, Temasek has made a significant investment of approximately S$1.1 billion in Sembcorp Marine through the 2020 Rights Issue, 2021 Rights Issue and Mandatory General Offer, resulting in an ownership of 54.6% in the company.

This year, Keppel Corporation and Sembcorp Marine announced the Proposed Combination, and both companies have clearly articulated the benefits of the merger. As a major shareholder in both companies, we fully support the rationale for the transaction and share the belief that all shareholders will benefit from being part of the Combined Entity.

We expect the Combined Entity to be well-positioned to achieve the necessary scale and synergies to become more competitive and to build a sustainable orderbook amidst the changing global energy environment. This is also well-aligned with our objective to catalyse the transition of our portfolio companies towards a Net Zero World.

With substantial value at stake through our shareholding in Sembcorp Marine, Temasek is fully aligned with fellow shareholders in seeking the best outcome for the company. We support the Sembcorp Marine Board’s expressed view that the Proposed Combination offers the best and most compelling way forward for Sembcorp Marine to unlock long term value for all of its stakeholders.

As a major shareholder of both Keppel Corporation and Sembcorp Marine, Temasek will abstain from voting on all resolutions relating to the Proposed Combination in the upcoming EGMs. The decision will therefore rest solely in the hands of the independent shareholders of both companies, who have to carefully consider the facts around the transaction. We hope our perspectives shared will be beneficial to fellow shareholders as they prepare to vote on the Proposed Combination.

Nagi Hamiyeh

Head, Portfolio Development Group

Temasek

Source Link: https://www.temasek.com.sg/en/news-and-resources/news-room/statements/2022/btletter-onproposedcombination

Credit Suisse Collaborates with Girls Who Code to Jump-start Careers in Technology

August 01, 2022. NEW YORK, US.

Credit Suisse Collaborates with Girls Who Code to Jump-start Careers in Technology through Summer Immersion Program

Credit Suisse announced today that it has teamed up with Girls Who Code, an international nonprofit working to close the gender gap in technology, as a corporate partner for its signature Summer Immersion Program. This is the third consecutive year that Credit Suisse has partnered with the organization.

Credit Suisse will host a two-week program where students in high school will have an opportunity to build the technical skills and professional network to make an impact and prepare for a successful future career in technology.

Marinela Tudoran, Head of Investment Bank Technology at Credit Suisse, said "We are excited for this opportunity to invest in the next great technological minds in the financial services industry. At Credit Suisse, we are passionate about creating a culture of empowered engineering. This program aims to open doors for students by providing a network of knowledgeable mentors in computer science and engineering across the bank. Together, we will work to lay the foundation to continue to diversify the pipeline of technologists working on Wall Street."

Credit Suisse's 2022 Summer Immersion Program runs from August 1 through August 12. The bank will host approximately 60 students during the duration of the program and intends to provide an immersive educational experience and invaluable networking opportunities for participants. Credit Suisse will organize a series of mentoring sessions focused on cyber and information security awareness, building a personal brand, resume writing, and career journeys in technology. The students will also hear speakers ranging from the bank's senior leaders to a panel of the bank’s Technical Analysts.

Credit Suisse

Credit Suisse is one of the world's leading financial services providers. Our strategy builds on Credit Suisse's core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. Credit Suisse employs approximately 51,410 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Girls Who Code

Girls Who Code is an international nonprofit organization working to close the gender gap in technology, and leading the movement to inspire, educate and equip young women with the computing skills needed to pursue 21st-century opportunities. 2 Since launching in 2012, Girls Who Code has reached 450,000 girls through our in-person programming and we have nearly 90,000 college-aged alumni. We have sparked culture change through marketing campaigns and advocacy efforts, generating 13 billion engagements globally. In 2018, the organization was named the #1 Most Innovative Non-Profit on Fast Company's Most Innovative Companies list. Follow the organization on social media @GirlsWhoCode.

Disclaimer

This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

Copyright © 2022 Credit Suisse Group AG and/or its affiliates. All rights reserved.

Press Contacts

Candice Sun,

+1 (212) 325 8226,

candice.sun@credit-suisse.com

Jenna Granato,

+1 (212) 538 4537,

jenna.granato@credit-suisse.com

Source Link: https://www.credit-suisse.com/about-us-news/en/articles/media-releases/credit-suisse-collaborates-with-girls-who-code-to-jump-start-careers-in-technology-through-summer-immersion-program-202208.html

J.P. Morgan expands Project Spark to support Veteran-owned alternative investment managers

June 02, 2022. NEW YORK, US.

J.P. Morgan Asset Management to make additional $25 million commitment to funds managed by Veteran VC firms

J.P. Morgan Asset Management today announced a new initiative within its Project Spark program, aimed at providing capital to venture capital funds managed by emerging alternative managers that have served in the U.S. Military.

In collaboration with JPMorgan Chase’s Military and Veteran’s Affairs division, the mission is to use the firm’s capital and network to close the funding gap for underrepresented managers and to strengthen the veteran ecosystem in the alternatives industry.

As part of the new initiative, the firm intends to commit an initial $25 million to five or more funds across a range of sectors and specialties, to be overseen by the Project Spark investment committee, which is comprised of diverse senior executives across J.P. Morgan Asset Management. The investments seek to support firms managing venture capital and other eligible, private funds founded by U.S. military veterans.

To launch this new activity, the firm along with Vets-In-Tech (ViT), will gather prospects at its first VetVC Summit, hosted at its world headquarters, featuring panel discussions, networking sessions and guest speakers, including JPMorgan Chase Chief Executive Officer Jamie Dimon.

“Through Project Spark we have demonstrated our desire to directly impact representation of diverse managers in the alternatives industry and I’m excited to extend this to the Veteran VC community,” said Jamie Kramer, Head of J.P. Morgan Asset Management’s Alternatives Solutions Group and the chair of the Project Spark Investment Committee. “Through our investments in funds managed by Veteran-owned VC firms, we’re not only providing a capital commitment, but also seeking to create a network between the Veteran community and the J.P. Morgan investment ecosystem.”

In 2011, JPMorgan Chase established its Office of Military and Veterans Affairs to promote veteran initiatives by weaving them into the fabric of how it conducts business. Focusing on careers, entrepreneurship and financial health, the firm supports veterans through both business-led initiatives like Project Spark, as well as philanthropic efforts and partnerships with top veteran service organizations around the world.

“This investment is a terrific example of how we are using the resources of our firm to lead the industry in creating access to venture capital for the veteran community,” said Mark Elliott, Global Head, Office of Military and Veterans Affairs, JPMorgan Chase. “When we leverage our partnerships across multiple lines of business and activate our global network, the economic opportunities we can create for the veteran community is so powerful.”

Another example of the firm’s commitment to veterans includes CEOcircle. In 2021, JPMorgan Chase Commercial Banking launched the year-long program for growth-stage businesses in partnership with Bunker Labs, a national nonprofit built by military veteran entrepreneurs with the mission of empowering other military veterans to become leaders in entrepreneurship and innovation. The program provides entrepreneurs with three key resources needed to help grow their businesses: targeted educational programming, peer-to-peer networking via monthly group meetings, and financial expertise gleaned from a ten-week mentorship with JPMorgan Chase advisors.

For the 2021-2022 program currently in session, Bunker Labs and JPMorgan Chase worked with 40 businesses with 2021 projected annual revenue ranging from $1.5 to $105 million. The businesses, which averaged $13.9 million in annual revenue, represented a diverse array of industries including healthcare, marketing, data and information technology, staffing and recruitment, and restaurants. The program is expected to double in size next year.

About Project Spark

In 2021, J.P. Morgan announced the launch of Project Spark to provide capital to venture capital funds managed by diverse, emerging alternative managers. Project Spark aims to help these minority-led, women-led and veteran-led managers in three ways: First, by investing the firm’s proprietary capital, as a limited partner, directly in their funds. Second, by allowing the managers to use the J.P. Morgan brand when capital raising as a reference and testimonial. Last, by providing access to our extensive J.P. Morgan network. To date, Project Spark has selected 17 venture capital funds for $69 million in investments out of J.P. Morgan’s total commitment of $140 million. Twelve fund commitments are closed and five are pending operational due diligence.

About J.P. Morgan Global Alternatives

J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, US$218 billion in assets under management and more than 700 professionals (as of March 31, 2022), J.P. Morgan offers strategies across the alternative investment spectrum including real estate, private equity, private credit, hedge funds, infrastructure, transportation, timber and liquid alternatives. Operating from offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives. For more information, visit jpmorgan.com/am.

J.P. Morgan Global Alternatives is committed to promoting diversity, with 41% of the group’s Operating Committee made up of people of color, women or LGBT+, and 52% of AUM managed by women or women-led teams. The Project Spark investment committee comprises members across J.P. Morgan Asset Management:

Jamie Kramer, Head of Alternative Solutions

• Lisa Coleman, Head of Global Investment Grade Corporate Credit

• Megan McClellan, Head of Private Credit

• Brandon Robinson, Deputy Head of Global Alternatives

• Lee Spelman, Head of U.S. Equity

About J.P. Morgan Asset Management

J.P. Morgan Asset Management, with assets under management of USD 2.6 trillion (as of March 31, 2022), is a global leader in investment management. J.P. Morgan Asset Management's clients include institutions, retail investors and high net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity.

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $4.0 trillion in assets and $285.9 billion in stockholders’ equity as of March 31, 2022. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co., and its affiliates worldwide.

Source Link: https://am.jpmorgan.com/us/en/asset-management/adv/about-us/media/press-releases/jp-morgan-expands-project-spark-to-support-veteran-owned-alternative-investment-managers/