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Old July 2nd, 2019, 12:04 PM   #1
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KHAZANAH NASIONAL | Sovereign wealth fund | Est. 1993

Khazanah Nasional
Main Office: Level 33, Tower 2, Petronas Twin Towers
www.khazanah.com.my
Quote:
Owner: Government of Malaysia
Parent: Malaysian Ministry of Finance
Subsidiaries:
  • CIMB Group
  • Telekom Malaysia
  • Axiata Group
  • Astro Malaysia Holdings
  • Tenaga Nasional
  • TIME dotCom
  • Malaysia Airports
  • IHH Healthcare
  • Malaysia Airlines
  • UEM Group
Khazanah Nasional Berhad is the sovereign wealth fund of the Government of Malaysia, entrusted with growing the nation's long-term wealth via distinct commercial and strategic objectives. Khazanah's commercial objective is to grow financial assets and diversify revenue sources for the nation, while its strategic objective is to hold strategic assets that bring long-term economic benefits. Khazanah is guided by its investment philosophy which emphasises attaining appropriate risk-adjusted financial returns, generating sustainable returns, and integrating ethical and responsible investing considerations.

Khazanah is a member of the International Forum of Sovereign Wealth Funds, which maintains and promotes the Santiago Principles on best practices in managing sovereign wealth funds. It is also a signatory of the United Nations-supported Principles for Responsible Investment (UNPRI), signatory of the Malaysian Code for Institutional Investors and a member of the Institutional Investor Council Malaysia (IIC), member of FCLTGlobal (Focusing Capital on the Long Term), and signatory of the Malaysian Anti-Corruption Commission’s (MACC) Corporate Integrity Pledge.


Quote:
International Forum of Sovereign Wealth Funds
MEMBERS FROM ASIA



China: China Investment Corporation
Korea: Korea Investment Corporation
Malaysia: Khazanah Nasional Berhad
Singapore: GIC Private Limited
Timor-Leste: Timor-Leste Petroleum Fund

https://web.archive.org/web/20160927...wf.org/members
Quote:
Khazanah OFFICES:
Khazanah Nasional Consulting (Beijing) Company Limited
Khazanah India Advisors Private Limited
Khazanah Turkey Regional Office
Khazanah Americas Inc
http://www.khazanah.com.my/Contact
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Old July 2nd, 2019, 12:07 PM   #2
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Khazanah appoints three new board members
Syahirah Syed Jaafar July 01, 2019 16:34 pm +08

Quote:
KUALA LUMPUR (July 1): Khazanah Nasional Bhd announced today To’ Puan Azian Mohd Aziz, Professor Xiao’ou Tang and Lau Seng Yee's appointments to the Malaysian sovereign wealth fund's board of directors, effective Wednesday (June 26).

In a statement, Khazanah said Azian is the head of advisory division at the Attorney General’s Chambers of Malaysia, while Tang, who is the founder of artificial intelligence company SenseTime, is also a professor at The Chinese University of Hong Kong.

Lau is currently with Tencent Holding Co Ltd, where he is senior executive vice president and chairman of group marketing and global branding, according to Khazanah.

"Khazanah welcomed the new members at its board meeting today, and looks forward to continue working closely with the board, led by our chairman Y.A.B. Tun Dr Mahathir Mohamad, in delivering on our mandate as the sovereign wealth fund of Malaysia," Khazanah said.
https://www.theedgemarkets.com/artic...-board-members
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Old July 2nd, 2019, 12:10 PM   #3
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Khazanah asset sales set to pick up
The Edge Malaysia/The Edge Singapore
July 01, 2019 14:49 pm +08


Quote:
In an interview with The Edge Malaysia in February, Shahril Ridza Ridzuan, who was appointed managing director of Khazanah Nasional last August, disclosed that the company had divided its assets into two baskets — commercial and strategic.

This was the first time Khazanah publicly classified its assets as such, and its listed assets alone are worth around RM80 billion ($26.1 billion).

Its commercial assets, which make up 70% of its portfolio, can be fully or partially divested at the right price at the right time, while its strategic assets such as Malaysia Airlines (MAB) will be kept, even if they lose money, in the national interest (see our Cover Story “Man with a new mandate”, *Issue 1254, Feb 18).

Three months before the interview, Khazanah had sold a 16% stake in IHH Healthcare to Mitsui & Co for RM8.42 billion, leaving it with a 26% equity interest that is worth RM13.13 billion today. Mitsui is now IHH’s bigger shareholder with a 32.9% stake.

The quick sale of the IHH stake came as a surprise, as under its previous management, Khazanah had painstakingly built the premium healthcare provider into a major regional medical service company over a few years.

But RM8.42 billion is a lot of money. When asked about the sale in the February interview, Shahril said, “The divestment is part of Khazanah’s strategy to grow the businesses that we have invested in and to find the appropriate time and value to create liquidity for our future capital and investment needs.”

The message was clear. Khazanah will sell part or all of its non-strategic assets to raise cash either to pay dividends to its shareholder, the government of Malaysia, or to fund strategic assets that are bleeding red ink, such as MAB (see our Cover Story “Will Khazanah’s assets be sold to reduce government debt?”, Issue 1223, July 16, 2018).

To put things in perspective, Khazanah suffered a loss before tax of RM6.27 billion in 2018 compared with a profit before tax of RM2.89 billion the previous year.

As at Dec 31, 2018, the sovereign wealth fund had RM136 billion in realisable asset value (RAV), down from RM157 billion at end-2017, and net worth adjusted (NWA) of RM91 billion, down from RM116 billion at end-2017.

The market downturn last year had clearly impacted Khazanah’s portfolio. Indeed, had the fund sold its 16% IHH stake earlier, it could have got more for it. And with the ongoing US-China trade war and market uncertainty, it does make sense for Khazanah to sell some of its commercial assets now before prices fall further.

As at July 2018, Khazanah’s core listed assets were worth RM84.5 billion. Today, the same assets are worth about RM80 billion.

According to a source, Khazanah’s current strategy is to discontinue playing the parent’s role of running the companies it controls.

In an email response to questions from The Edge Malaysia, a Khazanah spokesperson says: “As we’ve publicly said before, we are restructuring our portfolio in line with our refreshed mandate. In this regard, Khazanah’s key transitional priorities in the next five years include rebalancing our Commercial Fund and developing our Strategic Fund. A recent example of efforts to restructure our portfolio is the partial divestment of our shareholding in IHH Healthcare. Proceeds from the divestment will be utilised for new investments and capital requirements. We will announce any new investments and divestments as and when appropriate.”

UEM Group assets could be divested next

Sources familiar with Khazanah tell The Edge Malaysia that there have been active discussions involving assets that are part of UEM Group, for example, listed companies such as UEM Edgenta and UEM Sunrise, and unlisted UEM Builders, Cement Industries of Malaysia (CIMA) and highway operator PLUS Malaysia. “There’s much going on,” says a source.

When asked about its divestment plan, UEM Group says in an email response: “UEM Group, the infrastructure arm of Khazanah Nasional Bhd, is currently undertaking a restructuring exercise that will see it becoming a more commercially viable investment holding company, one that empowers its subsidiaries to maximise their value and potential through greater autonomy, focus and agility. The restructuring exercise will also see UEM Group developing a business model that best suits its capabilities and being in a better position to deal with the changing markets and expectations.

“UEM Group is always looking at both investment and divestment opportunities for its assets, but only if the valuation is right.”

UEM Group’s past divestments include Pharmaniaga and Touch ‘N’ Go Sdn Bhd in 2010.

The group is basically Khazanah’s infrastructure and property arm, whose listed assets include UEM Sunrise, in which it has 66.06% equity interest. At its close of 82 sen on June 26, UEM Sunrise had a market capitalisation of RM3.68 billion. At a 20% premium, the group’s 66.06% stake in UEM Sunrise is worth RM2.92 billion. If the group were to sell 51% of the stake at a 20% premium, it would set the buyer back by RM1.49 billion. It is also noteworthy that UEM Sunrise’s net asset value per share as at March 31 was RM1.57, which means the company’s current share price is less than 55% of its NAVPS.

In the first three months of FY2019, UEM Sunrise registered a net profit of RM30.1 million on revenue of RM419.26 million.

It was previously reported that Jakel Group could be eyeing UEM Sunrise, but given the soft condition of the property market, any acquirer would need considerable financial muscle.

Another listed company is UEM Edgenta, whose core business is hospital support and hotel management services. UEM Edgenta ended trading at RM2.66 on June 26, giving the company a market capitalisation of RM2.21 billion. UEM Group’s 69.14% stake in the company is worth RM1.61 billion, but at a 20% premium, it could fetch RM1.93 billion.

In its first three months of FY2019, UEM Edgenta recorded a net profit of RM32.66 million on revenue of RM515.88 million.

About four years ago, UEM Builders was said to be up for grabs and companies such as Malaysian Resources Corp were said to be eyeing it. However, there has been very little news about UEM Builders since then.

In its financial year ended Dec 31, 2017, the company reported a profit after tax of RM25.67 million on revenue of RM303.63 million.
https://www.theedgemarkets.com/artic...sales-set-pick
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Old July 2nd, 2019, 12:11 PM   #4
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Old July 15th, 2019, 08:07 PM   #5
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Khazanah made good profits after 14 years investing in Saudi's utilities
By NST Business - July 15, 2019 @ 7:30pm
Quote:
KUALA LUMPUR: Khazanah Nasional Bhd says it divested its 40 per cent stake in Malaysian Shoaiba Consortium Sdn Bhd for a "healthy profit" as the project was completed and fully operational.

Khazanah said in a statement today that it had achieved commercial objectives of its investment in the consortium.

“In accordance with the consortium’s shareholders agreement, our 40 per cent stake was offered to the existing partners. Malakoff Corp Bhd subsequently took the offer, which allowed Khazanah to exit with a healthy profit at a value based on future cash flows of the project.”

Khazanah had entered into a joint investment with Malakoff and Tenaga Nasional Bhd (TNB) in 2005, to support Malaysia’s entry into Saudi Arabia’s independent water and power producer market.

Malakoff chief executive officer Datuk Ahmad Fuaad Kenali had reportedly said the stake purchase was earnings accretive, thanks to the remaining 10 years of contract under Shuaibah Water & Electricity Co Ltd’s power and water purchase agreement for Shuaibah 3 independent water and power plant.

Khazanah said it assesses all opportunities for divestment against set financial and strategic targets. Assets may be considered for divestment once the intended investment objectives and targeted returns have been achieved.

it said the proceeds from the stake divestment in the consortium, like all other divestments by it, were reinvested or used to repay existing debts on its balance sheet.

Year to date, Khazanah has committed RM1.4 billion in investments and reduced overall debt by RM6.4 billion.

"We expect to undertake more investments in the second half of 2019, based on the opportunities that we are exploring. Divestments may also depend on the strength of the market, as well as the availability, quality and credibility of buyers,” the sovereign wealth fund added.
https://www.nst.com.my/business/2019...udis-utilities
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Old July 15th, 2019, 08:33 PM   #6
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Quote:
Subsidiaries:
  • CIMB Group
  • Telekom Malaysia
  • Axiata Group
  • Astro Malaysia Holdings
  • Tenaga Nasional
  • TIME dotCom
  • Malaysia Airports
  • IHH Healthcare
  • Malaysia Airlines
  • UEM Group
Khazanah says exited TNB, Malakoff consortium with a healthy profit
Chong Jin Hun July 15, 2019 18:11 pm +08
Quote:
KUALA LUMPUR (July 15): Khazanah Nasional Bhd clarified today that it divested its 40% stake in Malaysian Shoaiba Consortium Sdn Bhd for a "healthy profit", as the project was completed and fully operational and after Khazanah achieved its commercial objectives of its investment in the consortium.

Malaysian sovereign wealth fund Khazanah said in a statement today that it entered into a joint investment in 2005 with Malakoff Corp Bhd and Tenaga Nasional Bhd via the consortium, to support Malaysia’s entry into Saudi Arabia’s independent water and power producer market.

"In accordance with the consortium’s shareholders agreement, our 40% stake was offered to the existing partners. Malakoff subsequently took the offer, which allowed Khazanah to exit with a healthy profit at a value based on future cash flows of the project.

"Khazanah assesses all opportunities for divestment against set financial and strategic targets. Assets may be considered for divestment once the intended investment objectives and targeted returns have been achieved, as is the case with the divestment of our stake in the consortium. Divestments may also depend on the strength of the market, as well as the availability, quality and credibility of buyers," Khazanah said.

Khazanah said today that its clarification is in response to various reports on the divestment of its 40% stake in Malaysian Shoaiba.

According to Khazanah, under its refreshed mandate, it operates on a two-fund model comprising a commercial fund and a strategic fund.

"In general, our commercial fund is focused on creating a global portfolio that diversifies our assets and income for the country’s benefit. Our strategic fund focuses on strategic domestic investments, particularly in infrastructure.

"The proceeds from the divestment of our stake in the consortium, like all other divestments by Khazanah, are reinvested based on the objectives of the two funds, or are used to repay existing debts on our balance sheet.

"For the year to date, Khazanah has committed investments amounting to approximately RM1.4 billion and reduced overall debt by approximately RM6.4 billion, in line with our corporate strategies. We further expect to undertake more investments in the second half of 2019, based on the opportunities that we are exploring," Khazanah said.
https://www.theedgemarkets.com/artic...healthy-profit
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Old July 18th, 2019, 10:52 AM   #7
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Khazanah raises US$500m via bonds convertible for 3.45% of CIMB
The Edge Financial Daily July 18, 2019 10:23 am +08
Quote:
KUALA LUMPUR: Khazanah Nasional Bhd clarified yesterday it did not sell a 3.45% stake in CIMB Group Holdings Bhd, but that the shares were transferred in relation to exchangeable bonds issued recently.

Khazanah’s statement followed CIMB amending its announcement to Bursa Malaysia dated Tuesday, which originally stated that Khazanah disposed of the 335.7 million shares representing a 3.45% stake in the banking group last Friday, to say that the shares had been transferred pursuant to the securities lending agreement.

“The shares were transferred pursuant to securities lending agreements that Khazanah had entered into with CGS-CIMB Securities Sdn Bhd, Credit Suisse Securities (Europe) Ltd and JP Morgan Securities plc respectively, in relation to exchangeable bonds issued recently,” read the statement.

The fund added that the issuance of exchangeable bonds is part of Khazanah’s regular financing activity, and it has issued 10 exchangeable bonds since 2004.

“The exchangeable bonds will not have a dilutive effect on CIMB’s earnings per share,” added Khazanah, which is CIMB’s largest shareholder with a 23.54% direct stake.

However, Khazanah did not reveal the detail of the exchangeable bonds issued, including the sum raised and conversion ratio in yesterday’s statement.

According to Bloomberg, the debt papers are convertible to CIMB shares that are currently held by Khazanah at the conversion price of RM6.14 or US$1.489 (for US$500 million). The five-year bonds mature on Aug 8, 2024 with zero coupon rate.

It is not known the reason for the bond issue as at press time.

On the share transfer, the original filing with Bursa on Tuesday stated that the block of shares was transacted as a disposal. The filing has caused confusion in the market that Khazanah has trimmed its shareholding in CIMB, given that the government-linked entity has made known that it is on an asset divestment trail, and the banking group is one of its investments that it intends to unlock value.

CIMB’s share price has been hovering between RM5 and RM5.50 in the past three months. The banking stock has dropped nearly 10% or 56 sen year to date, trading at a price-to-book value of 0.9 times.
https://www.theedgemarkets.com/artic...tible-345-cimb
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Old July 31st, 2019, 08:49 PM   #8
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M+S to divest office, retail space at Duo to Allianz and Gaw Capital for S$1.575 billion
By NST Business - July 30, 2019 @ 5:50pm
Quote:
KUALA LUMPUR: Property developer M+S Pte Ltd (M+S), 60:40 owned by Khazanah Nasional Bhd and Temasek Holdings Private Ltd respectively, has agreed to sell its wholly-owned Ophir-Rochor Commercial Pte Ltd (ORC) and real estate private equity firm Gaw Capital Partners to Allianz Real Estate for S$1.575 billion.

ORC is the developer and owner of Duo Tower and Duo Galleria, while Capitaland Ltd and UEM Sunrise Bhd's subsidiary UEM Land Holdings are project managers.

The offer was received through an expression-of-interest process conducted by property consultant JLL.

The office and retail portion of Duo, a mixed-use development, also includes Duo Residences and the Andaz Singapore hotel.

M+S chief executive officer Kemmy Tan said with the office and retail assets performing well beyond expectations, the proposed S$1.575 billion at a record price for this area had presented the opportunity to maximise returns to its shareholders.

"As we continue to own the hotel Andaz Singapore, we look forward to working alongside the powerful combination of Allianz Real Estate and Gaw Capital Partners, who have impressive global track records in real estate management and development, to further reinforce Duo as an attractive place for global business and travelers.

"We continue to see tremendous growth opportunity for our Andaz Singapore, especially as Bugis continues its transformation journey as a vibrant, eclectic, and complementary leisure and business district to the existing CBD. M+S will continue to own and manage Andaz Singapore and the Marina One assets to the optimal level for our shareholders," Tan said in a statement.

The Duo development is situated in the Ophir-Rochor corridor in Singapore, next to the heritage district Kampong Glam, and was designed by acclaimed architect Ole Scheeren.

Duo Tower consists of 20 floors of prime Grade-A office space occupied by prestigious MNCs and leading local companies, while Duo Galleria is a retail mall that connects directly to Bugis MRT station, an interchange for the Downtown line and East West line.

The proposed transaction does not include Andaz Singapore, the five-star luxury lifestyle hotel by Hyatt that occupies the top 15 floors of Duo Tower.

M+S continues to own Andaz Singapore as well as Marina One, the newest and largest integrated mixed-use development in the heart of Marina Bay.

Gaw Capital Partners president and managing principal Kenneth Gaw said the transaction with Allianz Real Estate marked a great step forward in its partnership with the group.

He added that DUO had enormous potential given its good location and connectivity and marks an important milestone for Gaw Capital in the Singapore real estate market.

"After our acquisition of the 77 Robinson Road building in January, this deal marks our second major office transaction in Singapore in 2019 and signifies our continued optimism towards the office market here.

"We are very excited about the opportunity to acquire this well managed and iconic commercial asset. M+S has done a fantastic job developing the DUO office and hotel complex and has successfully leased the building to a full roster of world class tenants.

He said as M+S continued to hold the hotel portion of the complex, Gaw Capital Partners would enhance the asset and ride on the continued growth of the Bugis area as a new leisure and business district.

Allianz Real Estate Asia-Pacific chief executive officer Rushabh Desai said Duo provides live-work-play environment and is poised to establish itself as one of Singapore's major business hubs.

"It will be an excellent addition to our global 24x7 cities office portfolio” he said.
https://www.nst.com.my/business/2019...-s1575-billion
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Old July 31st, 2019, 09:00 PM   #9
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Khazanah’s 60%-owned Singapore unit sells properties for RM4.7b
Chester Tay July 30, 2019 00:00 am +08
Quote:
KUALA LUMPUR (July 29): M+S Pte Ltd, a 60:40 joint venture between Khazanah Nasional Bhd and Singapore's Temasek, is disposing of its entire stake in Ophir-Rochor Commercial Pte Ltd (ORC) for S$1.575 billion (RM4.74 billion) or S$2,570 per sq ft of net lettable area to Allianz Real Estate and Hong Kong private equity property firm Gaw Capital Partners.

M+S CEO Kemmy Tan said the proposed transaction price is at a record, which has presented the opportunity to maximise returns for its two shareholders.

ORC is the developer and owner of Duo Tower and Duo Galleria, the office and retail portion of the Duo development in Singapore.

However, the proposed transaction does not include the 5-star Andaz Singapore by Hyatt that occupies the top 15 floors of Duo Tower. M+S continues to own Andaz Singapore, as well as Marina One — a mixed-use development in Marina Bay.

“We continue to see tremendous growth opportunity for our Andaz Singapore, especially as Bugis, continues its transformation journey as a vibrant, eclectic, and complementary leisure and business district to the existing central business district," Tan said in a statement today.

M+S said the offer was received through an expression-of-interest process conducted by property consultant JLL.

The company added that Allianz Real Estate is acting on behalf of several Allianz group of companies, while Gaw Capital Partners is acting on behalf of a sovereign wealth fund.

Allianz Real Estate CEO for Asia-Pacific Rushabh Desai said Duo will be an addition to the group's global 24x7 cities office portfolio.

"After our acquisition of the 77 Robinson Road building in January, this deal marks our second major office transaction in Singapore in 2019, and signifies our continued optimism towards the office market here,” said Gaw Capital Partners president and managing principal Kenneth Gaw.

M+S was set up on June 27, 2011 to develop Marina One and Duo.
https://www.theedgemarkets.com/artic...operties-rm47b
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DUO Singapore
Developer: UEM Sunrise (Khazanah Nasional Bhd and Temasek Holdings)



DUO Architectural Complex, Singapore by Michele Moroni, on Flickr



Day photowalk in Singapore, Arab Street by Michele Moroni, on Flickr
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