Khazanah
plans to sell subsidiary to qualified bumi
KUALA LUMPUR: Khazanah Nasional Bhd plans to
sell its entire interest in wholly-owned subsidiary STLR Sdn Bhd via an
open tender to a qualified bumiputra entrepreneur.
Khazanah said in a statement the proposed
divestment of STLR, a property investment holding company, was part of its
efforts to assist the Government in encouraging entrepreneurship and growing
bumiputra 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 and government-linked
companies under the New Economic Model.”
In February, Prime Minister Datuk Seri Najib Tun
Razak
announced that Khazanah and Permodalan Nasional Bhd would divest 10
non-core assets to bumiputra companies.
STLR is one of five non-core assets identified by
Khazanah to be divested under the exercise this year.
The company was chosen 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 owns a prime 2.9-acre residential-zoned land
in Bukit Tunku, Kuala Lumpur.
It has also entered into an agreement with Iskandar Investment Bhd to acquire
an interest in a strategic 1.3 million sq ft gross floor area of developmental
asset suitable for mixed development in Medini, Iskandar Malaysia.
“The divestment will allow STLR to enjoy financial
and strategic benefits through the ownership and management of a qualified
bumiputra company with expertise in the relevant field,” Khazanah said in the
statement.
It added that the divestment would involve a three-stage
bidding process – pre-qualification, indicative bid and binding bid.
“The divestment 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%
bumiputra-owned and managed company with a good financial track record and
experience in the relevant sector,” it said.
Other 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.
Khazanah said the new shareholder of STLR would be selected
based on both financial and strategic considerations.
The list of financial and strategic evaluation
criteria will be outlined in an invitation to bid in due course.
Interested parties can refer to the notice on the
offer for sale by Khazanah that will be advertised in all major newspapers this
week.
Source : The Star
Date : 5 June 2012
afternoon highlight (05/06/12/098/534)
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