Khazanah unit to be sold via open tender
2 posters
Page 1 of 1
Khazanah unit to be sold via open tender
Khazanah Nasional Bhd announced today the proposed divestment of its
entire equity interest in a wholly-owned subsidiary, STLR Sdn Bhd, via
an open tender process to a qualified Bumiputera entrepreneur.
In
a statement, Khazanah said the proposed divestment of STLR, a property
investment holding company, was part of its efforts to assist the
government in encouraging entrepreneurship and growing Bumiputera
equity.
It is also in line with Khazanah's overall divestment
strategy of disposing non-core assets in a gradual and orderly manner to
fulfil the role of government-linked investment companies (GLICs) and
government-linked companies (GLCs) under the New Economic Model (NEM).
Between
2004 and 2011, Khazanah had divested a total of 45 assets and companies
valued at RM31.7 billion with some of the assets taken up by capable
and dynamic entrepreneurs, notable among them are Pos Malaysia, Time
dotCom and Royal Mint Exchange.
Prime Minister Datuk Seri Najib
Razak, at the Bumiputera Agenda Action Council (MTAB) on Feb 9,
announced that Khazanah and Permodalan Nasional Bhd (PNB) will divest a
total of 10 non-core assets to Bumiputera companies.
This
exercise is part of the plan by Unit Peneraju Agenda Bumiputera
(TERAJU), a unit under the Prime Minister's Department, to spearhead the
economic transformation of the Bumiputera community in the country.
STLR is one of five non-core assets identified by Khazanah to be divested under this exercise, this year.
Khazanah
said the company was chosen for this divestment exercise as it could
offer an opportunity for the acquiring party to tap into the prospects
of a mature township in Kuala Lumpur and the exponential growth of a
fast-growing township in Medini, Iskandar Malaysia.
STLR
currently owns a prime 2.9 acres of residential-zoned land in Bukit
Tunku, Kuala Lumpur, and has entered into an agreement with Iskandar
Investment Bhd (IIB) to acquire an interest in a strategic 1.3 million
square feet Gross Floor Area (GFA) plot of developmental asset suitable
for mixed development projects in Medini, Iskandar Malaysia.
The
divestment exercise will also allow STLR to enjoy financial and
strategic benefits through the ownership and management of a qualified
Bumiputera company with expertise in the relevant field.
The
divestment of STLR will involve a three-stage bidding process, which
are; pre-qualification stage, indicative bid stage, and binding bid
stage.
The divestment of STLR will be conducted in a transparent
and merit-based manner, and will be presided by an independent
evaluation panel.
It is intended that the potential buyer should
fulfil several pre-qualifying criteria which include being a 51 per cent
Bumiputera-owned and managed company with a good financial track record
and experience in the relevant sector.
Other selection criteria
considered for the potential buyer include possessing a viable business
plan, strong entrepreneurship and business acumen, and offer the best
bid for value creation.
The new shareholder of STLR will be selected based on both financial and strategic considerations.
The list of the financial and strategic evaluation criteria will be outlined in the invitation to bid in due course.
All
eligible and interested parties can refer to the notice on the offer
for sale by Khazanah, which will be advertised in all major newspapers,
this week. -- Bernama
entire equity interest in a wholly-owned subsidiary, STLR Sdn Bhd, via
an open tender process to a qualified Bumiputera entrepreneur.
In
a statement, Khazanah said the proposed divestment of STLR, a property
investment holding company, was part of its efforts to assist the
government in encouraging entrepreneurship and growing Bumiputera
equity.
It is also in line with Khazanah's overall divestment
strategy of disposing non-core assets in a gradual and orderly manner to
fulfil the role of government-linked investment companies (GLICs) and
government-linked companies (GLCs) under the New Economic Model (NEM).
Between
2004 and 2011, Khazanah had divested a total of 45 assets and companies
valued at RM31.7 billion with some of the assets taken up by capable
and dynamic entrepreneurs, notable among them are Pos Malaysia, Time
dotCom and Royal Mint Exchange.
Prime Minister Datuk Seri Najib
Razak, at the Bumiputera Agenda Action Council (MTAB) on Feb 9,
announced that Khazanah and Permodalan Nasional Bhd (PNB) will divest a
total of 10 non-core assets to Bumiputera companies.
This
exercise is part of the plan by Unit Peneraju Agenda Bumiputera
(TERAJU), a unit under the Prime Minister's Department, to spearhead the
economic transformation of the Bumiputera community in the country.
STLR is one of five non-core assets identified by Khazanah to be divested under this exercise, this year.
Khazanah
said the company was chosen for this divestment exercise as it could
offer an opportunity for the acquiring party to tap into the prospects
of a mature township in Kuala Lumpur and the exponential growth of a
fast-growing township in Medini, Iskandar Malaysia.
STLR
currently owns a prime 2.9 acres of residential-zoned land in Bukit
Tunku, Kuala Lumpur, and has entered into an agreement with Iskandar
Investment Bhd (IIB) to acquire an interest in a strategic 1.3 million
square feet Gross Floor Area (GFA) plot of developmental asset suitable
for mixed development projects in Medini, Iskandar Malaysia.
The
divestment exercise will also allow STLR to enjoy financial and
strategic benefits through the ownership and management of a qualified
Bumiputera company with expertise in the relevant field.
The
divestment of STLR will involve a three-stage bidding process, which
are; pre-qualification stage, indicative bid stage, and binding bid
stage.
The divestment of STLR will be conducted in a transparent
and merit-based manner, and will be presided by an independent
evaluation panel.
It is intended that the potential buyer should
fulfil several pre-qualifying criteria which include being a 51 per cent
Bumiputera-owned and managed company with a good financial track record
and experience in the relevant sector.
Other selection criteria
considered for the potential buyer include possessing a viable business
plan, strong entrepreneurship and business acumen, and offer the best
bid for value creation.
The new shareholder of STLR will be selected based on both financial and strategic considerations.
The list of the financial and strategic evaluation criteria will be outlined in the invitation to bid in due course.
All
eligible and interested parties can refer to the notice on the offer
for sale by Khazanah, which will be advertised in all major newspapers,
this week. -- Bernama
hlk- Moderator
- Posts : 19013 Credits : 45112 Reputation : 1120
Join date : 2009-11-14
Location : Malaysia
Cals- Administrator
- Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
Location : global
Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis
Similar topics
» Frankly Speaking Why no open tender?
» Highlight Open tender next month for Phase One of Sungai Buloh development, with RM50b GDV
» Sunway unit awarded RM282.9m contract for Khazanah-Temasek dev
» Khazanah unit restaurants where 'you can eat side-by-side with animated Lat characters'
» MAA sold for RM344m
» Highlight Open tender next month for Phase One of Sungai Buloh development, with RM50b GDV
» Sunway unit awarded RM282.9m contract for Khazanah-Temasek dev
» Khazanah unit restaurants where 'you can eat side-by-side with animated Lat characters'
» MAA sold for RM344m
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
|
|