Malaysia’s state investor to shed stake in EON

Khazanah Nasional Bhd has confirmed it is talking to Hong Leong Bank Bhd (HLB) to sell its stake in EON Capital Bhd (EON Cap), reported the StarBiz.

Managing director Tan Sri Azman Mokhtar said the investment agency had received Bank Negara approval to commence negotiations with HLB and its consideration was purely commercial.

“This is because our stake there (10 percent) is considered non-strategic and non-core investment,” he said. However, Azman said it was too early to gauge when the negotiations would be concluded.

“This is because we are not the only one involved in the negotiations as HLB is also preoccupied with other bigger shareholders of EON Cap,” he told reporters after Khazanah’s annual review yesterday. Azman declined to disclose the price offered for its EON Cap shares.

Azman said Khazanah would continue to divest its non-core assets this year. Over the past five years, it has raised about RM18bil through divestments, averaging 3.6 billion ringgit a year (1$=3.4 ringgit).

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