KUALA LUMPUR (Reuters) - Malaysia’s state investor Khazanah Nasional Bhd KHAZA.UL said it wants to sell its 45 percent stake in Time Engineering Bhd TENG.KL 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 favors 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 million).
Time reported a net loss of 4.7 million ringgit ($1.54 million) in the third quarter ended September 30.
The sale would mark the halfway point in Khazanah’s plans to sell 10 non-core assets. In January, it sold its stake in domestic carmaker Proton Holdings Bhd POHDF.PK to a company owned by Malaysian tycoon Syed Mokhtar Al-Bukhary for $412 million.
Reporting by Al-Zaquan Amer Hamzah; Editing by Siva Sithraputhran and David Cowell