Khazanah’s investment playbook set for revamp

Khazanah will likely trim stakes in CIMB Group Holdings, chaired by the brother of former Premier Datuk Seri Najib Tun Razak, regional telecoms firm Axiata Group and restructure struggling Telekom Malaysia in the coming months, the sources told Reuters.

KUALA LUMPUR: Khazanah Nasional will likely cut stakes in some top state-linked firms as the government overhauls the sovereign wealth fund’s investment strategy, after revamping its board last week, to boost transparency and slash national debt.

The performance of the US$39bil fund has been muted, but backed by past governments, its investments have spread across various sectors globally, with one of the highlights being its profitable stake in Alibaba bought before the e-commerce giant’s blockbuster IPO in 2014.