UPDATE 1-Malaysia’s Khazanah logs annual file revenue, powered by divestment positive factors


(Provides earnings particulars)

By Liz Lee

KUALA LUMPUR, March 2 (Reuters) – Malaysian sovereign wealth fund Khazanah Nasional Bhd swung to a file revenue final 12 months, reserving an enormous soar in positive factors from divestments because it aggressively shrunk its portfolio to lift funds for a debt-laden authorities.

Khazanah didn’t disclose particulars of its divestments. A former authorities minister instructed parliament in November, nonetheless, that it had bought shares in seven overseas companies together with Alibaba Group Holding Ltd and Indian tech agency Infosys Ltd over 16 months.

The fund’s revenue from operations climbed to 7.36 billion ringgit ($1.eight billion) for 2019, in contrast with a lack of 6.27 billion ringgit within the earlier 12 months, it stated in a press release on Monday.

Good points on divestments grew greater than seven instances to 9.9 billion ringgit, whereas impairments shrunk by a 3rd to 4.9 billion ringgit. Debt fell 17% to 45.eight billion ringgit.

The earnings end result will give the federal government a dividend of 1 billion ringgit ($240 million).

Khazanah, which break up its portfolio final 12 months into industrial and strategic holdings, stated its industrial fund’s web asset worth stood at 73.1 billion ringgit on the finish of 2019. It didn’t disclose the web asset worth for its strategic fund however stated that fund recorded an general return of two.9%. ($1 = 4.1930 ringgit) (Reporting by Liz Lee; Modifying by Edwina Gibbs)

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