Permodalan Nasional May Merge S P Setia And I&P
Oct 13 14
Permodalan Nasional Berhad may merge S P Setia Berhad (KLSE:SPSETIA) and I&P Group Sdn Bhd to revive the former, which is losing ground to rivals after more than 300 talents, including top executives, left, sources said. "PNB is considering merging SP Setia with I&P to form the country's largest property player by asset value and enlarge its product offerings. It will be a good marriage as SP Setia focuses on premium properties while I&P is a township developer, offering medium-to low-end houses," one of the sources said.
Permodalan Nasional Bhd Announces an Income Distribution for the Financial Year Ending September 30, 2014
Sep 24 14
Permodalan Nasional Bhd (PNB) through its subsidiary, Amanah Saham Nasional Bhd announced an income distribution of MYR 664.22 million for the financial year ending September 30, 2014 compared with MYR 587.77 million a year ago. The allocation for the income distribution was 13% higher than the previous year.
Khazanah Nasional May Reportedly Sell Westports Stake
Sep 8 14
Khazanah Nasional Berhad may sell some stake in Westports Holdings Berhad (KLSE:WPRTS). According to the news report, Khazanah Nasional is said to be looking to divest its stake in Westports. Sources said that Khazanah Nasional was looking at placing out its entire 4.74% shareholding in Westports to other funds through a book building exercise. The report mentioned that although the funds were not identified, Westports’ current shareholders include AIA Bhd., Hwang Investment Management Berhad, and InterCloud Systems, Inc. (NasdaqCM:ICLD) (Genesis Group). Other related funds are Kumpulan Wang Persaraan, Employees Provident Fund of Malaysia, Skim Amanah Raya Saham Bumiputera, Lembaga Tabung Haji, and Permodalan Nasional Berhad. A source added, “(Khazanah) may sell some or all of its shares. For them, Westports is not exactly a strategic asset as their stake in the company is rather small.” The source further added that Khazanah could be divesting because its investment in the port operator had “matured”, as the share price has risen above the initial public offering (IPO) price of MYR 2.5. Another source said Khazanah could retain some shareholding for future divestment, adding, “Khazanah may be seeking higher returns from other assets,” the source said, “But it doesn’t need to sell out of Westports to do that because Westports is still an attractive yield play.” Westports’ share price closed at MYR 1.9 on September 5, 2014.