Khazanah to sell stakes in 2 property firms to Temasek

Singapore prime minister Lee Hsien Loong with Najib Razak, and Khazanah’s Azman Mokhtar and Temasek’s Dilhan Pillay, during the signing of an MoU in 2012. (Bernama pic)

PETALING JAYA: Khazanah Nasional is in talks to sell its 60% stake in a joint venture company with Singapore’s government owned investment company Temasek Holdings, The Malaysian Reserve reports.

The company, M+S Pte Ltd, which is 60% owned by Khazanah and the remaining by Temasek, had been involved in two joint development projects in Singapore worth some S$11 billion (RM33 billion).

The report cited sources as saying that talks could also involve a 50% stake sale in another joint venture firm, Pulau Indah Ventures, which is involved in projects in Iskandar Malaysia in Johor.

Following the appointment of new board members in Khazanah, Prime Minister Dr Mahathir had hinted at potential consolidation of some government-owned firms.