Following Saudi sale, Azmin says Khazanah pivoting to domestic investment
Khazanah Nasional Bhd will be able to focus more on its domestic investments following the disposal of the sovereign wealth fund's entire stake in Saudi Arabian water and power companies, according to Economic Affairs Minister Mohamed Azmin Ali (photo, above).
Speaking to reporters, Azmin said Khazanah has a key role to play in increasing domestic investments and contribute to the country's overall economic growth.
"I believe Khazanah will provide an explanation because they must look at the company's core activities...
Khazanah Nasional Bhd will be able to focus more on its domestic investments following the disposal of the sovereign wealth fund's entire stake in Saudi Arabian water and power companies, according to Economic Affairs Minister Mohamed Azmin Ali (photo, above).
Speaking to reporters, Azmin said Khazanah has a key role to play in increasing domestic investments and contribute to the country's overall economic growth.
"I believe Khazanah will provide an explanation because they must look at the company's core activities," said Azmin referring to the US$70 million deal which will see tycoon Syed Mokhtar Al-Bukhary's Malakoff Corp Bhd purchase Khazanah's entire stake in Desaru Investments (Cayman Islands) Ltd (DIL).
"A part of its previous investments have successfully yielded a large profit. There is a need for us to focus on domestic investments which require attention," said Azmin.
As part of the deal, Malakoff will double its stake in Malaysian Shoaiba Consortium Sdn Bhd - which invests in several Saudi Arabian power and water companies - from 40 percent to 80 percent.
In a post on his Facebook page yesterday, former premier Najib Abdul Razak said although the Saudi companies were profitable every year, they had nonetheless been sold off by the Pakatan Harapan government.
Meanwhile, Azmin said he is not privy to details surrounding the government's proposal to take over major highway operators, including any related objections raised by Khazanah.
"I am not privy to the details but certainly the process of negotiations and discussions is still ongoing," he said when asked on Finance Minister Lim Guan Eng's reported remarks that Khazanah, as a major shareholder of highway operator PLUS Malaysia Bhd, had disagreed to the takeover proposal by Maju Holdings Sdn Bhd.
Lim on Thursday said that the Finance Ministry has made a preliminary decision to oppose the takeover of PLUS Malaysia Bhd by Maju Holdings Sdn Bhd after considering views from Khazanah and Employees Provident Fund (EPF) as its major shareholders.
However, Lim said he is prepared to meet with the leadership of Maju Holdings as the company is preparing a new proposal.
Touching on the day's function, Azmin who earlier launched Graduan Aspire 2019 Career Fair at KLCC said youths must be prepared to face new career challenges including an environment with lesser job security.
"As I mentioned earlier, we have to prepare our human capital and our workforce to embrace these new technologies.
"Whether you like it or not, for Malaysia to move forward we have to prepare ourselves and we cannot lose out in this competitive age.
"So I agree that the government must be ready to assist youths (and equip them) with new skills," he added.
At a panel discussion on the future for jobs and careers last weekend, former youth and sports minister Khairy Jamaluddin had said Malaysians should be prepared for lesser security on tenure and income, including from within the civil service.
Are you sure you want to delete this comment?
This action cannot be undone.