PETALING JAYA: The country’s first state-established sovereign wealth fund, Terengganu Investment Authority (TIA), with an initial fund of RM11bil, has identified several high-impact investment projects in the tourism, energy and agriculture sectors in the state and around the country.
This week, TIA will raise RM5bil, which sources say will involve the issuance of Islamic medium-term notes on the back of a Federal Government guarantee, while a further RM6bil will be “raised through the assignment to TIA of some of the future oil royalties due to the state,” it said in a statement. TIA’s current paid-up capital of RM1mil will be raised to RM200mil soon and in due course increased to RM1bil.
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