KUALA LUMPUR, July 15 (Bernama) — We refer to various reports on the divestment of our 40% stake in Malaysian Shoaiba Consortium Sdn Bhd (“Consortium”), and would like to clarify as follows:
Khazanah entered into a joint investment in 2005 with Malakoff Corp Berhad (“Malakoff”) and Tenaga Nasional Berhad (“TNB”), via the Consortium, to support Malaysia’s entry into Saudi Arabia’s independent water and power producer market. As the project is completed and fully operational, Khazanah has achieved the commercial objectives of its investment in the Consortium. In accordance with the Consortium’s shareholders agreement, our 40% stake was offered to the existing partners. Malakoff subsequently took the offer, which allowed Khazanah to exit with a healthy profit at a value based on future cash flows of the project.
