Temasek Holdings is pleased to announce that its subsidiary, International Development and Consultancy Corporation (Pte) Ltd ("Indeco"), has completed the sale of Indeco Engineers (Pte) Ltd ("IEPL") to Tyco Group S.A.R.L. ("TGS"). TGS's offer of S$60.1 million represented the most attractive bid based on the offer terms and strategic fit it presents to IEPL. The bid for IEPL attracted interest from many local and overseas companies, including companies from France, USA and the United Kingdom.

2. TGS is a subsidiary of Tyco International Ltd, a diversified global company that is headquartered in Bermuda and listed on the New York, Bermuda and London stock exchanges. Tyco International Ltd has a market capitalisation of more than US$90 billion as at December 2000. The multinational company operates in 100 countries, including Singapore. It has five core business divisions: telecommunications, electronics, healthcare, flow control products, and fire protection, detection and security systems and products.
3. The sale of IEPL to TGS will enable IEPL to plug into Tyco's global network, thereby speeding up IEPL's expansion in the region. This will also help IEPL realise new business opportunities beyond the region.
4. The sale of IEPL is part of the Singapore Government's on-going privatisation exercise.
5. IEPL is a wholly owned subsidiary of Indeco which in turn is 96.4% owned by Temasek Holdings. The other shareholders of Indeco are Urban Redevelopment Authority and JTC International.
6. Established in 1983, IEPL is one of the leading companies in Singapore providing management and maintenance services for building facilities, vehicles and equipment. The company has a staff strength of over 700. Its senior management comprises a team of highly experienced professionals who have been in the engineering business for many years, and they are supported by a team of experienced technicians and skilled personnel.

For media enquiries, please contact:

Eva Ho (Ms)
Manager, Corporate Communications
Temasek Holdings (Pte) Ltd
DID: 6828-6763
Fax: 6828-6263
Mobile: 9617-6234
Email: evaho@temasek.com.sg