Why sell Khazanah assets when share market down, Najib asks

Former prime minister Najib Razak.

PETALING JAYA: Former prime minister Najib Razak today questioned the sale of Khazanah Nasional Bhd stakes in core holding companies at a time when the share market is down.

In a Facebook post, he said Khazanah was the largest shareholder in CIMB Bank, telecommunications company Axiata, UEM Edgenta, and UEM Sunrise, which were classified as strategic companies beneficial to the country under the Barisan Nasional administration.

However, in December last year, Khazanah began selling 63 million units of CIMB shares to anonymous buyers at RM5.78 per share unit, with a profit of RM364 million.

“Now these companies have become commercial assets to be sold. If the 63 million share units were sold during good times at RM7.30 per unit, we could have gained RM460 million,” Najib said.

He included in his post a graph showing CIMB’s share price at RM7.30 before the May 9 polls last year, saying prices had dropped since Pakatan Harapan took over the government.

“Even if you want to sell, sell during good times!” he said.