By Ka Kay Lum
Berjaya Land Bhd has proposed to fully acquire Iceland-based company Gerisgata 11 EHF (GE11) and settle its loan for a collective amount of $13.99 million.
Among Khazanah’s biggest divestments last year was 16 per cent stake sale in IHH Healthcare Bhd to Japan’s Mitsui & Co. Ltd for $2 billion in cash.
The fund recorded a gross investment income of RM50.88 billion ($12.48 billion) in 2018.
Ringgit weakness and escalating jet fuel costs have caused the Malaysian carrier to miss two profitability deadlines.
The fund will look to trim stakes in companies identified as non-strategic to 15-25% and reduce its physical presence in locations such as London, Mumbai and Silicon Valley.
The work currently being delivered at its operations centre in Malaysia will gradually move to other locations.
Alibaba-backed e-commerce platform Lazada has announced former Taobao executive Leo Chow as the new CEO of its Malaysian operations.
The digital classifieds operator also intends to go slow on making new investments, given the current market conditions.
The report proposed eight recommendations to the SC which include the restructuring of existing public VCs to be more commercially-driven.
Felda has been considering an exit from the deal which was signed in 2017 to acquire a 37 per cent stake in Rajawali’s Eagle High Plantations.