Temasek has discovered the magic formula

Temasek Holding is selling its Indonesian Bank Danamon stake to DBS Bank for $9.1b. It was reported that it paid $365m in 2005 for a 51% stake in Danamon. It has subsequently increased its stake. The cost of the additional stake was not disclosed but the $9.1b would definitely give it a substantial return on its investment. This is the kind of ‘bee tang’ transaction that every fund manager is