Selangor Journal

Khazanah looking to sell 60% stake to Temasek

Photo taken from Karangkraf

By Selangor Journal Staff

PETALING JAYA: Sovereign wealth fund Khazanah Nasional Berhad (Khazanah) was reported to currently in talks to sell its 60% stake in a joint venture company with Singapore government owned investment arm Temasek Holdings (Temasek).

The Malaysian Reserve reported that the company, M+S Pte Ltd, had been involved in two joint development projects in Singapore worth about SGD11 billion (RM33 billion).

Currently, 60% of M+S Pte Ltd is owned by Khazanah while the remaining is owned by Temasek.

On top of this, the report had also cited sources, saying that the discussion could also involve a 50% stake sale in another joint venture firm, Pulau Indah Ventures.

Pulau Indah Ventures is currently is currently involved with projects in Iskandar Malaysia around Johor.

Previously, after the appointment of new board members in Khazanah, Prime Minister Dr Mahathir Mohamad and current Khazanah Chairman had hinted potential consolidation of some government-owned firms.

In July, the Prime Minister’s Office in a statement had announced the appointment of five of its new Board of Directors after confirming the mass resignation of the previous Board a week prior.

Mahathir was named as its chairman while Economic Affairs Minister Mohamed Azmin Ali was named as one of its director.

Also appointed as directors former Petronas president Mohd Hassan Marican, former Bank Negara deputy governor Sukhdave Singh and former Securities Commission executive director Goh Ching Yin.

Earlier this month, Khazanah has also appointed Employees Provident Fund (EPF) CEO Shahril Ridza Ridzuan as managing director, replacing Azman Mokhtar who resigned along with eight other directors last month.

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