KUALA LUMPUR: Permodalan Nasional Bhd (PNB) stressed that any of the agency's financial decision will not have any impact on the government's coffers.
Chief executive officer Datuk Abdul Rahman Ahmad said this when asked about future potential asset divestment plans that falls under its mid-term review of its strategic plan.
“I would like to be clear that all our divestment decisions have no impact on the government's finances. We are not like Khazanah Nasional Bhd managing government's assets,” he said.
“All our assets is owned by our unit holders and we are merely managing it for them.”
Earlier, Abdul Rahman noted some divestments are expected this year and PNB will be guided by its real estate investment framework.
The group had also identified areas and segments which could yield positive returns but did not expand further.
PNB group chairperson Tan Sri Zeti Aziz said the strategy forward for PNB is to embark on a more robust risk management and assess investments activities taken on a case-by-case.
The former central bank governor noted that it is crucial to have a diverse portfolio ranging from financial and real estate, equity and fixed income to spread the risk.
“We are also looking at investments with recurring income,” she said while adding that divestments could potentially be done in parts rather than a blanket one.
Zeti said this in reference to PNB's potential paring down of stakes in strategic and core companies.
“Assessments will be made based on the outlook of the industry and the potential of these companies being restructured within the organisational transformation,” she said.
When asked about the update on the much criticised skyscraper - PNB118, Zeti said the the group is committed to honor the existing agreement.
“We are committed to ensure the completion of PNB118. It is now at the 42nd floor and it will be completed within the stipulated time,” she said.
When completed in 2024, the PNB118 will be the tallest building in Malaysia.