Khazanah to slash debt to RM40 bil, says Azmin

Khazanah Nasional has sold assets worth about RM65 billion in the past 10 years, says Economic Affairs Minister Azmin Ali. (Reuters pic)

KUALA LUMPUR: Khazanah Nasional Bhd will continue with its asset disposal and divestment of shareholding to reduce its debt to between RM35 billion and RM40 billion by year-end.

Economic Affairs Minister Mohamed Azmin Ali said the disposals in the past had been successful in lowering the wealth fund’s debt to RM47 billion from RM55 billion a year ago.

“The process of selling assets is a normal business deal for Khazanah and also the Employees Provident Fund,” he said on the sidelines of the Khazanah Megatrend Forum 2019 here today, with the proceeds used to re-invest in other assets for profit.

“For the last 10 years, Khazanah has been selling assets worth about RM65 billion.”

On finding the right partner for Malaysia Airlines Bhd, Azmin said Khazanah had received several proposals which were being assessed.

“I’m not in a position to disclose any details. Once Khazanah and MAS conclude the exercise, we will make an appropriate announcement,” he said.

On the 10-year Shared Prosperity Vision 2030, Azmin said the plan will be in operation in the first phase of the 12th Malaysia Plan beginning 2021 and form the underlying philosophy to drive sustainable and inclusive growth.

“As we plan for Malaysia’s next stage of economic development, we are cognisant of the global economic uncertainty,” he said.