Syed Mokhtar Albukhary has put in an unsolicited proposal to buy a substantial portion of Permodalan Naasional Bhd’s stake in property firm S P Setia Bhd, sources say.
The tycoon, whose listed and unlisted companies hold large amounts of land in the Klang Valley and Johor, wants to monetise these assets, but finds that he lacks a strong brand image that will command premium pricing, they add.
“Syed Mokhtar has proposed that Liew (Kee Sin) remain in S P Setia and be his partner in making the bid,” says a source.
However, it is understood that Liew, whose last day at S P Setia is April 30, is not interested in being a part of the deal.
Last Friday, S P Setia announced that Liew exercised his put option to sell 67.79 million shares or a 2.76 percent stake in the company to Permodalan Nasional Bhd as per a management agreement dated Jan 20, 2012.
Liew will have no shares in S P Setia after the sale.-The Edge Malaysia
Norway’s fund on the look-out in Malaysia-The Malaysian Reserve
The Norwegian Government Pension Fund, which owns stakes in 130 Malaysian companies via investments of more than 6 billion ringgit ($1.81 billion), will increase its participation in Malaysia’s growing business sector.
Norwegian Minister of Trade and Industry Affairs Monica Maeland said the current investments and future investments will signal the Scandinavian country’s confidence in the Malaysian economy and its corporate companies’ performances.
“The pension fund is here to stay. They have great belief in Malaysian companies as its growth directors are very achievable and clear,” she told The Malaysian Reserves in an exclusive interview during her recent working visit here.
In regards to the capital outflow experienced from investors reacting to the U.S. Federal Reserve decision to taper its bond purchases through its quantitative easing programme, Maeland said that will not likely have an impact on the Norwegian Pension Fund investment strategy here.
Key West banks on China’s Supreme Global to revive its flagging fortunes-The Star
NOTE: Reuters has not verified this story and does not vouch for its accuracy.
($1 = 3.3085 Malaysian Ringgit)