KUALA LUMPUR: Prime Minister Tun Dr Mahathir Mohamad is chairing the Khazanah Nasional Board meeting with other board members at the Yayasan Kepimpinan Perdana today.
The board meeting is believed to be his first meeting after his appointment as chairman of the sovereign wealth fund.
Also present include Khazanah managing director Datuk Shahril Ridza Ridzuan, Economics Affairs Minister Datuk Seri Mohamed Azmin Ali, former Petronas chief executive officer Tan Sri Mohd Hassan Marican , former Bank Negara Malaysia deputy governor Dr. Sukhdave Singh and former Securities Commission Malaysia executive director Goh Ching Yin.
Under the new Pakatan Harapan’s administration, the government said the newly appointed board members would facilitate a smooth and orderly transition.
According to news report, the sovereign wealth fund is likely reducing stakes in some top state-linked firms as the government overhauls Khazanah’s investment strategy.
This initiative would enable the government to reduce its debt and boost transparency.
Khazanah was established in 1993 by Dr. Mahathir during his premiership under Barisan Nasional to helping Malaysia weather the Asian financial crisis in 1998.
As at end June 2018, Khazanah is the 26th largest soverign wealth fund in the world, in terms of assets under management (AUM), totaling US$38.7 billion (RM160.51 billion) based on the latest data from the US-based Sovereign Wealth Fund (SWF) Institute.