Khazanah’s new mantra: More cash, less control
This underlines the urgent need for Prime Minister Tun Dr Mahathir Mohamad(pic) to raise money for government coffers, depleted by a fiscal deficit and a massive debt from a multi-bil dollar scandal, under the previous government, at state fund 1Malaysia Development Bhd (1MDB).
KUALA LUMPUR: Malaysian sovereign wealth fund Khazanah Nasional will unveil a plan this month to deliver more cash to the government by pruning its stakes in non-strategic assets and dialling back its offshore presence in spots such as London, sources told Reuters.
This underlines the urgent need for Prime Minister Tun Dr Mahathir Mohamad to raise money for government coffers, depleted by a fiscal deficit and a massive debt from a multi-bil dollar scandal at state fund 1Malaysia Development Bhd (1MDB).
Under the new strategy, set to be announced at Khazanah’s annual review on Feb 28, the US$39bil fund will look to trim stakes in some companies identified as non-strategic to 15%-25% – near the typical holding levels of pension funds, two of the sources told Reuters.
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