The Bloomberg article told readers nothing about Temasek’s performance. Of interest to Singaporeans would be Temasek’s profit/loss.
After a quick search on the internet, I discovered another related article on the Asia Sentinel. In “Temasek goes for another prize“, the 2007 article reported that the “20-percent stake could be worth as much as US$1 billion“.
What is even stranger: Zuellig Pharma’s sales had doubled by 2015 to US$10 billion but Temasek wants to divest at its 2007 price?
Snapshot of Zuellig Pharma
A logical conclusion: Temasek made another bad judgement call.
One possible reason is Temasek had invested at the height of irrational exuberance in 2007.
Many of its investments subsequently collapsed and were divested at lelong prices, eg it lost about S$2.4 billion in Barclays in 2 years, S$400 million total wipeout in ABC Learning Centres in slightly more than a year, lost about $4.5 billion in Bank of America, etc. Others are still sitting on multi-billion dollar losses, eg StandChart.