GOVERNMENT investment arm Khazanah Nasional Bhd has bought RM400mil of new stock in Renong Bhd to keep it afloat after failing to find other buyers.
Khazanah, which took over Renong’s parent United Engineers (M) Bhd (UEM) in a 2001 rescue, paid 50 sen each for 800 million shares in Renong, raising its stake to 49% from 31%, according to a KLSE filing. When the stock sale was announced in September, UEM had said it would buy the shares if other investors wouldn’t.
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