Your healthcare news library

Posts tagged ‘Khazanah’

Khazanah Net Assets Jump 24% After IHH Healthcare, Astro IPOs

pix_middle

Khazanah Nasional Bhd., Malaysia’s state investment company, said the value of its holdings rose 24 percent last year after making gains from divesting shares in companies, including Asia’s biggest hospitals operator.

The net asset value of Khazanah’s investments climbed to 86.9 billion ringgit ($29 billion) at the end of 2012 from 70 billion ringgit a year earlier, the Kuala Lumpur-based fund said in a statement today. It outperformed a 10 percent gain in the benchmark FTSE Bursa Malaysia KLCI Index, which closed the year at a record.

Khazanah cut its stake in hospitals operator IHH Healthcare Bhd. (IHH) through a $2 billion initial public offering in Kuala Lumpur and Singapore in July. The fund also reduced its stake in Malaysian pay-TV operator Astro Malaysia Holdings Bhd. (ASTRO) during a $1.5 billion share sale in October, and divested national carmaker Proton Holdings Bhd.

“We believe the portfolio is balanced and well-positioned to benefit from exposure into the Asia-Pacific growth region,” Khazanah Managing Director Azman Mokhtar said in the statement. “The outlook will be steady. It will be harder to scale new highs when your base gets bigger,” he later told reporters in Kuala Lumpur.

The fund’s returns outpaced a 13 percent increase in the MSCI World Index (MXWO), the biggest gain since 2009, and a 15 percent increase in the MSCI Emerging Markets Index. (MXEF)

Khazanah owns stakes in some of Malaysia’s biggest listed companies, including electricity producer Tenaga Nasional Bhd. (TNB), mobile phone company Axiata Group Bhd. (AXIATA) and lender CIMB Group Holdings Bhd. (CIMB) which all reported higher quarterly profits last year. Its holdings in the telecommunications and power sectors contributed to portfolio growth, according to today’s statement.

CIMB Aviva

The fund said pretax profit fell to 2.1 billion ringgit in 2012 from 5.3 billion ringgit in 2011 and paid a 1 billion- ringgit dividend to government, according to the statement.

Khazanah and Sun Life Financial Inc. agreed to buy 98 percent of Aviva Plc and CIMB Group Holdings Bhd.’s Malaysian insurance joint venture for 1.8 billion ringgit, according to a joint statement in London today.

“This is a very good deal,” Azman said. “We are able to enter a sector in Malaysia and eventually build a footprint into the region of a very good sector, which is life insurance. This is a good way to play rising incomes.”

Direct investments by sovereign wealth funds around the world picked up in the fourth quarter of 2012 from a year earlier, signaling a rebound after spending dropped to a six- year low in 2012, according to the Sovereign Wealth Fund Institute.

Full-year direct spending, which excludes money outsourced to other funds or asset managers, slumped 36 percent to $57.3 billion, the Las Vegas-based institute said in a statement yesterday. That’s the lowest since 2006, when direct investments amounted to $14.8 billion, it said.

Bloomberg

Khazanah to sell stake in TEB

PETALING JAYA: Khazanah Nasional Bhd has identified Main Market-listed Time Engineering Bhd (TEB) as the last of its five non-core assets to be divested this year.

In a statement, the state investment holding arm said it proposed to divest its entire equity stake of 45% in TEB via a tender process to a qualified bumiputra entrepreneur.

The exercise was in line with Khazanah’s overall divestment strategy to dispose of its non-core assets to fulfil the role of government-linked investment companies and government-linked companies as defined under the New Economic Model.

TEB is an e-commerce, cyber security and integrated intelligent infrastructure solutions provider.

TEB shares closed yesterday unchanged at 29 sen, for a market capitalisation of RM224.8mil.

UEM Group Bhd is the other major shareholder in TEB, also with a 45% stake.

According to Khazanah, the divestment of TEB would involve a three-stage bidding process: a pre-qualification stage, an indicative bid stage and a binding bid stage.

“The divestment of TEB will be conducted in a transparent and merit-based manner and will be presided by an independent evaluation panel guided by a merit-based assessment,” it said.

“It is intended that the potential buyer should fulfil several pre-qualifying criteria which include being a 51% or more bumiputra-owned and majority bumiputra-managed company with a good financial track record and experience in the relevant sector,” it said.

Khazanah said TEB was chosen for divestment as it could offer an opportunity for the acquiring party to tap into TEB’s expertise and participate in a potential extension of its concession with the Government which was due to expire in 2014.

Earlier this year, Khazanah announced its proposed divestment of STLR Sdn Bhd, as well as other companies held by its subsidiaries. They included TM Resorts by Telekom Malaysia BhdCelcom Childcare Sdn Bhd by Celcom Axiata Bhd and Special Builders Sdn Bhd by UEM Group.

The divestment of STLR has been concluded with the signing of a sale and purchase agreement, while the other three companies are at various stages of the divestment process.

The Star

Khazanah goes big on theme parks

tar

GOING BIG: (From left) TAR chief development offi cer Muhammad Zainal Ashikin, local cartoonist Datuk Mohd Nor Khalid (fondly known as Datuk Lat) and Ahmad at yesterday’s event — Pic: ISMAIL CHE RUS

THE investment holding arm of the government, Khazanah Nasional Bhd is diversifying in a big way into the leisure and tourism sector, aiming to be the leading player for themed attractions regionally.

With its string of themed parks, largely in Johor and Singapore, to be completed in phases by 2015, its subsidiary Themed Attractions and Resorts Sdn Bhd (TAR) is already projecting a double digit return from all of its investments from the fi rst year of operations.

While it was incorporated only three year ago, TAR is ramping up on the skill sets needed by partnering established players with its avowed aim to eventually take on global players for theme park opportunities abroad.

So far, it has signed up partners for the Hello Kitty Town and The Little Big Club at the Puteri Harbour Family Theme Park, Asia’s first Legoland theme park with British theme park company Merlin Entertainments Group plus Mexican chain of family entertainment centres, Kidzania, for Singapore and Malaysia.

TAR chief executive officer Tunku Ahmad Burhanuddin said not only serves as a catalyst for the country’s leisure and tourism industry but aims to create world-class homegrown themed attractions such as Lat’s Place — a themed dining experience at Puteri Harbour Family Theme Park in Nusajaya, Johor The close proximity of both the outdoor Legoland park and the four-level indoor Puteri Harbour family destination within Nusajaya serves a total destination for both locals and tourists from Singapore, China, India and the Middle East.

“We are not cannibalising but complementing each other to make Iskandar Malaysia an attraction for people to come and spend more time and money for longer periods on their weekends.”

Kidzania Kuala Lumpur, since opening in February this year, has recorded 100,000 visitors so far, he said.

TAR is confi dent of attracting 500,000 visitors to the RM115 million investment themed park in Puteri Harbour in its fi rst year of operations.

The theme park will house fi ve popular global children cartoons — Lat’s “Kampung Boy”, “Hello Kitty” and famous characters from the “Little Big Club” such as “Barney”, “Bob The Builder”, “Angelina Ballerina”, “Pingu” and “Thomas & Friends”. It is due to be opened by mid-November.

mmail

Khazanah to offer 1.8b new shares in US$2b healthcare IPO, says source

KUALA LUMPUR, June 1 — Malaysia’s state investor Khazanah Nasional Bhd plans to offer up to 1.8 billion new shares in the listing of its healthcare unit, according to a source with direct knowledge of the matter, in a move that could raise close to US$2 billion (RM6 billion).

The dual listing, slated to debut in Malaysian and Singapore bourses by the end of July, comes at a time when many initial public offerings (IPOs) are being postponed due to worries about a deteriorating global economy.

“The other shareholders are planning to offer their shares for sale,” the source added, declining to elaborate further as the matter is private.

Khazanah officials were not immediately available for comment. Japan’s Mitsui & Co Ltd owns a 26.6 per cent stake in IHH, Dubai-based Abraaj Capital holds 7.1 per cent and Acibadem chief Mehmet Ali Aydinlar 4.2 per cent. Khazanah owns the remaining 62.1 per cent.

IHH Healthcare Bhd, the healthcare unit of Khazanah, owns stakes in Turkish hospital group Acibadem AS, Singapore’s Parkway Holdings, India’s Apollo Hospitals Enterprise Ltd and Malaysia-based Pantai Hospitals and International Medical University.

IHH started offering its IPO shares to indigenous “Bumiputra” investors at an indicative price of RM2.85 a share, according to the source. An official at joint lead-coordinator CIMB declined to comment.

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.

Some 360 million “Bumiputra” shares are being offered to wealthy investors, according to Malaysia’s Ministry of International Trade and Industry’s website, adding that the closing date to apply for the tranche is June 5.

Bank of America Merrill Lynch and Deutsche Bank are also joint lead co-ordinators, while Credit Suisse, DBS, Goldman Sachs and Maybank are joint bookrunners. Nomura, OCBC and UBS are co-lead managers.

The dual listing would be the fourth-biggest IPO in Singapore’s history and Malaysia’s second-largest this year after the planned listing of Malaysian plantation group Felda Global Venture Holdings.

International Financial Corp (IFC), a member of the World Bank Group, has said it plans to take part in the IHH’s listing in a move to help validate IHH’s emerging markets strategy. — Reuters

MI

IFC plans to invest in Malaysia’s Khazanah healthcare arm

KUALA LUMPUR (Reuters): International Financial Corp (IFC), a member of the World Bank Group, is planning to take part in the planned $1.5 billion listing of Malaysia’s Integrated Healthcare Holdings (IHH) in a move to help validate IHH’s emerging markets strategy, according to IFC’s official website.

The largest global development institution focused on the private sector in developing countries said the move would help the healthcare firm with its pan-Asia expansion strategy.

“Project cost and the amount and nature of IFC’s proposed investment cannot be disclosed at this time due to confidentiality and regulatory requirements,” IFC announced on its website, adding that the estimated date for board considerations was June 12.

IHH is the healthcare arm of Malaysia’s state investor, Khazanah. Its assets include Turkish hospital group Acibadem AS, Singapore’s Parkway Holdings, India’s Apollo Hospitals Enterprise Ltd and Malaysia-based Pantai Hospitals and International Medical University.

The listing of IHH in Singapore and Malaysia was expected to be the fourth-biggest initial public offering in the city state’s history and Malaysia’s second-largest this year after the planned listing of Malaysian plantation group Felda Global Venture Holdings.

Southeast Asia has seen a burst of IPOs since the start of the year, despite the protracted euro zone debt crisis and the debacle over Facebook’s recent market debut.

IHH, which is expected to debut on the Malaysian and Singaporean bourses by the end of July, has started to invite approved “Bumiputra” investors to submit expressions of interest in subscribing for its shares, according to the website of Malaysia’s Ministry of International Trade and Industry earlier.

Bumiputra, meaning “sons of the soil” in Malay, 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.

Premarketing is currently being held for a second tranche that will be open to institutional and other investors.

The IPO will be one of the first after elections in Malaysia that are widely expected to be held in June or July. Analysts and investment bankers have said Malaysia’s IPO pipeline has slowed ahead of the poll because of concerns of market volatility.

IFC officials were not immediately available for comment. Japan’s Mitsui & Co Ltd owns a 26.6 percent stake in IHH, Dubai-based Abraaj Capital holds 7.1 percent and Acibadem chief Mehmet Ali Aydinlar 4.2 percent. Khazanah owns the remaining 62.1 percent.

The Star

IHH RM4.7bil dual listing in KL and S’pore in July

 IPO prospectus for the dual listing out early July

KUALA LUMPUR: The planned US$1.5bil (RM4.7bil) listing of Integrated Healthcare Holdings Sdn Bhd (IHH) is expected to debut on the Malaysian and Singapore bourses by the end of July, two sources with direct knowledge of the matter said.

The dual listing would be the fourth biggest initial public offering (IPO) in the city-state’s history and Malaysia’s second largest this year after the planned listing of Malaysian plantation group Felda Global Venture Holdings.

South-East Asia has seen a burst of IPOs and deals since the start of the year, as the region’s growth has fuelled investor interest and stock values.

IHH, the healthcare arm of Khazanah Nasional Bhd, has started to invite approved bumiputra investors to submit expressions of interest in subscribing for its shares, according to the website of International Trade and Industry Ministry (Miti).

Pre-marketing is currently being held for a second tranche that will be open to institutional and other investors.

Some 360 million bumiputra shares are being offered to wealthy investors, according to Miti’s website, although it did not give the details of the total number of shares to be offered.

The closing date to apply for the bumiputra tranche was June 5, the website said.

The IPO prospectus would be launched in early July and the indicative price of the shares for bumiputra investors would be known on June 1, one of the sources said.

IHH’s assets include Turkish hospital group Acibadem AS, Singapore’s Parkway Holdings, India’s Apollo Hospitals Enterprise Ltd, Pantai Hospitals and International Medical University.

Khazanah officials were not immediately available for comment. Japan’s Mitsui & Co Ltd owns a 26.6% stake in IHH, Dubai-based Abraaj Capital holds 7.1% and Acibadem chief Mehmet Ali Aydinlar 4.2%. Khazanah owns the balance 62.1%.

The Star

Tag Cloud