(Corrects number of non-core assets to five from 10 in the last
KUALA LUMPUR Dec 17 Malaysia's state investor
Khazanah Nasional Bhd said it wants to sell its 45
percent stake in Time Engineering Bhd as part of a
wider plan to divest non-core assets.
It said only majority Bumiputra-owned companies can bid for
the stake. It gave no details on price in a statement on Monday.
Bumiputra, meaning "sons of the soil" in the Malay language,
refers to majority ethnic Malays and other indigenous people in
the country who benefit from a decades-old affirmative action
policy that favours them in housing, education and business.
Time shares ended trading on Monday at 0.29 ringgit per
share, valuing Khazanah's stake at 101.2 million ringgit ($33.11
Time reported a net loss of 4.7 million ringgit ($1.54
million) in the third quarter ended Sept. 30.
The sale would mark the halfway point in Khazanah's plans to
sell five non-core assets. In January, it sold its stake in
domestic carmaker Proton Holdings Bhd to a company
owned by Malaysian tycoon Syed Mokhtar Al-Bukhary for $412
($1 = 3.0565 ringgit)
(Reporting by Al-Zaquan Amer Hamzah; Editing by Siva
Sithraputhran, David Cowell and Niluksi Koswanage)