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Malaysia Provides Update Regarding Asset Sale Plan | CTRM Aviation Sdn Bhd - CTRM Aviation Sdn Bhd

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Malaysia Provides Update Regarding Asset Sale Plan

03/30/2010

Khazanah Nasional Bhd. and Petroliam Nasional Bhd. will sell stakes in subsidiaries as the government speeds up efforts to scale down its business interests, Prime Minister Najib Razak said. Khazanah will sell its stake in the national postal service, and Petronas will sell shares in two units on the stock exchange, Najib said in a speech in Kuala Lumpur on March 30. “These initiatives have the goal to reduce the government’s presence directly or indirectly in business activities that are best carried out by the private sector,” Najib said. They “are a clear signal of our commitment to promoting competition in the economy, risk taking and long-term economic growth.” Khazanah will sell its remaining 32% majority stake in Pos Malaysia Bhd, in two stages, Najib said. The government will first draft corporate governance and regulatory processes before Khazanah begins a bidding process, Najib said, without divulging the names of other stakes the fund might sell. The Finance Ministry is also considering privatizing Percetakan Nasional Malaysia Bhd., CTRM Aero Composites Sdn. Bhd, Nine Bio Sdn. Bhd. and Inno Biologics Sdn. Bhd., Najib said. “We have begun a review of a number of companies under Minister of Finance Inc. and other agencies,” he said.