Malaysia's Khazanah net worth up 86.8 pct to 62.2 bln rgt in three years

Malaysia's Khazanah net worth up 86.8 pct to 62.2 bln rgt in three years
01/06/2007 19:03:00
KUALA LUMPUR (XFN-ASIA) - Khazanah Nasional Bhd said its net worth has
increased by 28.9 bln rgt or 86.8 pct from 33.3 bln to 62.2 bln rgt over the
past three years.
In a statement, the government investment firm said its investment portfolio
has also grown by 74.3 pct from 50.9 bln rgt to 88.8 bln.
It said 28 major investments were made during the period amounting to 21.1 bln
rgt, on which returns of 8.9 bln rgt or 42.4 pct have been achieved during the
holding period to-date.
Of the total, 16 major domestic investments of 15.2 bln rgt and 12 foreign
investments of 5.8 bln rgt were made.
Khazanah said its revised net tangible asset to liability ratio has risen to
3.3 times from the previous 2.9 times.
On the restructuring of legacy investments, it said eight out of the 11
government-linked companies (GLCs) identified for restructuring have been
successfully restructured.
The eight companies are Malaysia Airlines, RHB Bank, Silterra, MTDC, UDA
Holdings, Northern Utility, CCT and Tradewinds, it said.
Meanwhile, works on the three firms that are still pending resolution namely,
Proton, Malaysia Airports and Time dotcom, are currently ongoing, it added.
"Financial and operational progress on GLCs have been very encouraging with,
among other indicators, the market capitalisation of the 47 listed GLCs
increasing 143 bln rgt over the last three years, and outperforming the broader
KLCI," said Khazanah in the statement.
Separately, Khazanah managing director Azman Mokhtar reiterated that Khazanah
is committed to gradually cutting down its holdings in GLCs.
"We want to do it in an orderly fashion and to be in line with our financial
objectives," said Azman.



Source: Osk Wirenews