Former second finance minister Johari Ghani told the Dewan Rakyat that government investment decisions could affect the capital market.
“When you make an announcement, and the investing public has already agreed, they react positively,” said Johari in the Dewan Rakyat. “After that, if we reverse course, it causes people to lose confidence in our capital market.” On Wednesday, KLK, LTAT and Boustead said they had agreed not to proceed with the takeover. However, the next day, LTAT said it was seeking to buy out the plantation group at RM1.55 a share.
In 2020, PNB sold its 56.3% stake in Chemical Company of Malaysia Bhd to Batu Kawan Bhd for RM292.8 million while in 2021, Boustead-owned Royale Chulan Bukit Bintang Hotel in Kuala Lumpur was sold to Singapore-listed Hotel Royal Ltd for a reduced price of RM177.3 million.