Rewrites paragraph 1 and adds prime minister's comments in paragraph 4 and 7, deals background in paragraph 7

By Yantoultra Ngui

SINGAPORE, June 6 (Reuters) - Singapore's state investment company Temasek Holdings said on Friday that former minister Teo Chee Hean will become its next chairman on October 9, succeeding Lim Boon Heng.

Teo, who will join Temasek's board of directors as deputy chairman on July 1, served as Singapore's deputy prime minister from 2009 to 2019 and as a senior minister from 2019 until he stepped down from politics in May 2025.

Temasek said Teo's leadership during a 53-year career in public service, including as a former navy chief, had advanced Singapore’s interests in key areas from geopolitics and cybersecurity to climate action and defence and security.

"With his extensive experience in public service and deep understanding of Singapore's strategic priorities, I am confident he will build on Temasek's strong foundations, and steer its continued success in an increasingly complex global environment," Prime Minister and Finance Minister Lawrence Wong said in a separate statement.

Under Lim, who was chairman for 12 years, Temasek's net portfolio value grew to S$389 billion ($303 billion) in March 2024 from S$223 billion in the corresponding month a decade earlier, it said.

Some of Temasek's notable deals during Lim's tenure include investments into Alibaba 9988.HK and BlackRock BLK.N and divestments of older real estate assets in Singapore and China to reallocate capital toward the tech, healthcare and sustainability sectors.

The firm also expanded in Europe and the United States, which now host six of its 13 international offices.

"Under his stewardship, Temasek has expanded its global presence, strengthened its governance processes, and established itself as a leader in sustainable development," Wong said.

Other board changes will see current deputy chairman Cheng Wai Keung and director Stephen Lee retire on June 30, it added, while director Bobby Chin will retire on July 31.

($1=S$1.2845)

(Reporting by Yantoultra Ngui; Editing by Clarence Fernandez and Sonali Paul)

((Yantoultra.Ngui@thomsonreuters.com;))