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Temasek led a $105 million Series F funding round for New York City-based enterprise social media management startup platform Sprinklr, at a $1.8 billion valuation. Privatization will provide SMRT with greater flexibility to focus on its primary role of delivering safe and high quality rail service, without short term pressures of being a listed company, in the midst of its transition to a new regulatory framework under the New Rail Financing Framework. SMRT is expected to face challenges, even under the new framework, with costs and uncertainties associated with an ageing and expanded network. SMRT will also need to focus on delivering on existing and new multi-year programs to support an ageing and expanded network, including the need to deliver a higher order of rail reliability and service in line with the heightened Maintenance Performance Standards to be determined by the LTA. “Taking the company private will allow SMRT to better fulfill its role as a public transport operator without the pressure of short-term market expectations. It will also allow SMRT to be better supported as it retools and reinforces its core skillsets in engineering and maintenance,” said SMRT chairman Koh Yong Guan. “We are proposing to move SMRT to private ownership so we can more closely collaborate with the Company on system level transformation, including its transition to the new regulatory environment without the distraction of being a listed company. We will have greater flexibility to work with SMRT as a private entity to seek sustainable long term solutions as part of its transition,” said Temasek International president Chia Song Hwee. Merrill Lynch is acting as financial advisor to SMRT, and Credit Suisse is advising Temasek. Temasek Holdings isn’t a traditional company but a sovereign wealth fund — a government-owned holding company — with investments in the financial services, telecommunications, media, transportation, real estate, and energy sectors. Temasek Holdings controls some S$184 billion (US$136 billion) in investments, more than a third of which are in the financial services industry. The company has offices in China, India, Vietnam, Brazil, and Mexico. Temasek Holdings, which was founded in 1974, is set up as a corporation whose primary shareholder is Singapore’s Ministry of Finance.]]>