KUALA LUMPUR: Malaysian sovereign wealth fund Khazanah Nasional Bhd wants to quadruple its foreign investments to 60 per cent-70 per cent of its total portfolio over the next decade and beyond to reduce exposure to domestic risks, according to a parliamentary report.
Managing Director Shahril Ridza Ridzuan told reporters earlier this month that Khazanah was targeting a pretax profit this year of at least 5 billion ringgit - the highest in eight years. The fund is also working on cutting its operating costs by 30 per cent-40 per cent over the next few years.Shahril said Khazanah should have a bigger overseas presence like funds in countries such as Norway and Singapore.
He also promised"lots of restructuring" in the fund's commercial portfolio without giving details. The commercial portfolio includes stakes in CIMB Group Holdings, Axiata Group, IHH Healthcare, Alibaba and some lesser-known listed and unlisted companies.
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Source: The Straits Times - 🏆 8. / 63 Read more »
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