Khazanah to sell stakes in two JVCos to Temasek, said sources

PETALING JAYA (Aug 23): National strategic Khazanah Nasional Bhd is reportedly in negotiations to sell its stakes in two property-development joint-venture companies to Temasek Holdings Pte Ltd, according to The Malaysian Reserve.

The ongoing negotiations centre around the sales of a 60% stake in M+S Pte Ltd and a 50% stake in Pulau Indah Ventures Sdn Bhd, both companies in which Temasek is a partner.

Citing a source, the publication reported that the sale of its share in M+S is expected to result in a big return on investment.

M + S, set up in 2011, is developing the iconic Marina One and DUO integrated developments which have an estimated GDV of S$11 billion (RM32.75 billion).

Meanwhile, Pulau Indah Ventures is involved in the development of Afiniti Medini and Avira integrated wellness projects in Iskandar Malaysia, Johor.

The negotiations are part of the government's efforts to pare down its debts and finance its spending.

In an interview with the same publication, Prime Minister Tun Dr Mahathir Mohamad said the government was evaluating the sales of investments in companies its owns, either directly or via investment arms such as Khazanah.

He said the government may either sell entire companies, their assets, or shares in these companies.