MANILA, Philippines — Tycoon Jaime Augusto Zobel de Ayala is set to join the board of Singapore-based investment company Temasek Holdings Ltd.
The chairman of Ayala Corporation, one of the country’s biggest and oldest conglomerates, will formally join Temasek's board on January 1 next year, according to a statement on Thursday.
Temasek is owned by the Singaporean government and has significant holdings in companies across the world. It's $381-billion portfolio consists of companies engaged in financial services, telco, media and technology, consumer and real estate, transport, and agri-food.
Among its investments in the Philippines are Ayala companies and subsidiaries, including Globe Telecom Inc. Temasek also has a 5% stake in publicly-listed casino firm Melco Resort and Entertainment Corp.
Sovereign wealth fund GIC Pte Ltd, another Singapore government-owned company, invested P11.9-billion in Ayala’s energy venture, AC Energy Corp.
Aside from Zobel, Tan Chee Meng, head of WongPartnership LLP, one of Singapore’s largest law firms, will also join Temasek’s board.