Khazanah to invest RM6.77bil in key sectors

Khazanah: RM670mil for new hospitals and extension of existing hospitals under IHH Healthcare Bhd

PETALING JAYA: The Government’s strategic investment arm Khazanah Nasional Bhd will be investing RM6.77bil to support the economic measures announced by Prime Minister Datuk Seri Tun Najib Razak.

It said in a statement that the investment would be channelled towards key sectors such as leisure and tourism, healthcare and health tourism, export-oriented creative industries, innovation and technology and business process outsourcing (BPO).

A significant portion of the investment, or RM4.5bil, will be set aside as development cost for Desaru Coast Destination Resort, an integrated leisure and tourism resort in Johor, between now and 2022.

Khazanah said a new Tourism Venture Fund of RM50mil will also be set up for qualified tourism entrepreneurs in the sub-sectors of eco-tourism and cultural/heritage tourism.

A total of RM670mil will be allocated for new hospitals and extension of existing hospitals under IHH Healthcare Bhd between 2015 and 2017 in Medini, Iskandar; Kuala Lumpur, Klang, Malacca, and Kota Kinabalu.

Khazanah also said there would be a new in-patient rehabilitation hospital business with investment totaling RM100mil over the next two years, together with a foreign technical operator and equity partner to bring in global best practices.

Between 2016 and 2020, an estimated development cost of RM1.1bil will be set aside for Dataran Muzium and Tugu Park, with Khazanah funding approximately RM730mil of the cost.

“The projects are a not-for-profit contribution to public spaces and are expected to be completed between 2018 and 2020,” it said.

Meanwhile, in the creative industries, Khazanah said Sonneratia Capital would be set up, a RM50mil co-investments fund to finance production of local content for the export markets.

“Sonneratia Capital expects to see the release of the films in various regional markets from the end of 2015.

“In Iskandar Malaysia, i2M Sdn Bhd, a 100% subsidiary of Khazanah, will accelerate an investment of RM90mil to attract a targeted RM2.2bil of additional foreign investment by 2020 in the BPO sector.”

Khazanah also said there would be an additional RM115mil allocated for the domestic innovation and technology sector across several initiatives, including the creation of physical innovation and accelerator space; startup bootcamps; angel matching co-investments in early-stage companies; and seed-stage venture capital funding for the information technology IT and non-IT sectors, respectively.

In line with the Government’s call to increase the Skim Latihan 1Malaysia programme allocation from 10,000 to 15,000 participants in 2015, Khazanah said it is committed to more than double its existing commitment from 1,330 to 3,800 participants, at an estimated total cost of RM95mil per annum.

Khazanah said the various projects and initiatives were over and above its existing commitments and investments, through its various subsidiaries, major investee companies and investment programs, including those under major investee companies such as Tenaga Nasional Bhd, Telekom Malaysia Bhd, CIMB Bhd, Axiata Bhd, UEM Group Bhd, Malaysia Airports Holdings Bhd, Malaysia Airlines Bhd, ValueCap Bhd and Iskandar Investment Bhd.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Business , Khazanah , RM6.77bil , investments ,


Next In Business News

CPO futures expected to trend lower on profit-taking next week
Britain looking at temporary measures to alleviate trucker shortage
'Loss and pain': Families testify at Dutch MH17 trial
Oil hits highest in almost 3 years as supply tightens
GLOBAL MARKETS-S&P 500 edges up, European shares slump amid Evergrande fears, US yields rise
Banking on wealth management
Short Position - Opcom, La Nina, Taxing
Going for growth
Sapura Energy in race against time
Ge-Shen hopeful of growth amid challenges

Stories You'll Enjoy