THE reduction of its stake in healthcare services provider, IHH Healthcare Bhd , is just the beginning of Khazanah Nasional Bhd’s divestment initiative under the new management.
According to sources, there are at least eight more companies, including six locally-listed ones, that are on the list of the sovereign wealth fund’s plans to pare down its stake.
Among the listed ones are Astro Malaysia Holdings Bhd, CIMB Group Holdings Bhd , UEM Sunrise Bhd , UEM Edgenta Bhd , Axiata Group Bhd , and Time dotCom Bhd (TDC).
As for the non-listed companies, the companies that will likely see Khazanah selling its stakes are Cement Industries of Malaysia Bhd and UEM Builders Bhd.
The fund’s move in reducing its stakes in these companies will eventually result in them being removed from the list of its “core companies”, and be placed under a trading portfolio.
Sources reveal to StarBizWeek that under a restructured Khazanah, only nationally-strategic corporations will remain as the fund’s strategic companies.
Among the listed ones, these will be airport management company Malaysia Airports Holdings Bhd , telecommunications company Telekom Malaysia Bhd and utility giant Tenaga Nasional Bhd . As for the non-listed entities, they will include highway operator PLUS Malaysia Bhd, Malaysia Airlines Bhd and wafer-fab manufacturer SilTerra Malaysia Sdn Bhd.
Below are companies (after IHH) that will likely see Khazanah reducing its stake to the level that they become a portfolio investment instead of a strategic investment:
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