Khazanah in talks to sell stakes in M+S, Pulau Indah Ventures to JV partner Temasek

Khazanah in talks to sell stakes in M+S, Pulau Indah Ventures to JV partner Temasek

Samantha Chiew
23/08/18, 03:17 pm

SINGAPORE (Aug 23): Khazanah Nasional, Malaysia's sovereign wealth fund, is in talks to divest its 60% stake in M+S to its joint venture (JV) partner, Temasek Holdings, according to reports from The Malaysian Reserve.

The JV company, which is 40% owned by Temasek, was set up by the duo in 2011 to develop two mega-projects in Singapore – Marina One and DUO – worth about $11 billion in total.

In addition, the report cited sources saying that talks could also see Khazanah sell its 50% stake in another joint venture firm with Temasek, Pulau Indah Ventures, which is involved in projects in Iskandar Malaysia in Johor.

The JV between Khazanah and Temasek was a result of a land swap deal earlier in 2010.

Malaysia swapped three plots of land in Tanjong Pagar, Kranji and Woodlands, as well as three plots of land in Bukit Timah, which were previously owned by the Malayan Railway, for four land parcels in Marina South and two land parcels in Ophir-Rochor with Singapore.

The divestments are part of the Malaysian government’s plan to shed some of Khazanah’s assets to alleviate Malaysia’s RM1 trillion ($250 billion) debt.

In July, Khazanah saw a major shake-up when all nine of its board members tendered their resignation “to facilitate a smooth and orderly transition under the new Pakatan Harapan (PH) government”.

See: Khazanah Nasional's entire board of directors resigns

Malaysian Prime Minister Mahathir Mohamad is now the chairman of Khazanah, while Shahril Ridza Ridzuan, former Employees Provident Fund (EPF) CEO, has been appointed as CEO.

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